Spring Training: Devising Your Tax Game-Plan Early
Spring is just around the corner--time for baseball,
gardening and most importantly, tax day, April 15th. It's already
February so be a winner, shape up and get started early on your
income taxes. Have you got the right forms? Are your deductions
the same? Do you know if there are any changes in the law that may
affect you? Should you seek professional tax help? Maybe you need
to review your financial statements or track down important documents.
Maybe you want to set a new indoor speed record and send your return
electronically. Whatever the questions, we have the answers. Or
you can visit the IRS web site, www.irs.gov, and other
resources that will put you on the fast track to success. So make
this your championship season, give it your best shot and point
and click your way to a fast and accurate tax return. Remember,
if you know the score early, you're way ahead of the game.
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 The Paper Chase
First, be sure you have the right stuff. You
can get forms and publications online or at your local library.
Many people just file the basic tax form 1040 (or 1040EZ or 1040A)
and then add additional forms depending on income and deductions.
Some of the more common forms to go along with the 1040 are:
- Schedule A (itemize deductions)
- Schedule B (taxable interest or dividends)
- Schedule C (profit or loss from a business)
- Schedule D (capital gains and losses)
- Schedule E (supplemental income and losses)
 Why File Electronically?
The IRS says that you can get your refund in
half the time if you file electronically, even faster if you use
Direct Deposit. It's also proven to be more accurate than mailing
a paper return, and you will get proof - within 48 hours - that
IRS has accepted your return. You can also make payments electronically
by using direct debit from your checking or savings account or by
credit card by calling toll-free 1-888-2PAY-TAX. You can find out
more about e-filing on the main IRS web site. It also features
a listing of specific companies that are authorized by IRS to provide
this service.
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 Test Your Tax IQ
Can you pass this quiz?
- Is the money you get in alimony
payments taxable?
- What about your new retirement
check?
- And what about bingo?
- Or your winnings in a charity raffle?
- Your great aunt left you two oriental
rugs-do you pay taxes?
- You made some money on the side
repairing computers last year-how do you report this income?
- What about the tips you earned waitressing?
These are just a few of the frequently
asked questions that the IRS gets each year. To find the answers
go to http://www.irs.gov/faqs/index.html. |
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 Other
Resources
While you still have taxes and finances on your
mind, take a minute and check out some of our great books on long-range
financial planning. It may help you get your financial house in
order in record time.
Publications available
for viewing from FCIC:
Publications available
for ordering from FCIC:
Web
Sites*:
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for the content of these web sites. |
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more information on other popular consumer issues check out FCIC's
Consumer
Focus Archive. |
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