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 With
every new year and every new step in life, our lives seem to get busier
and busier. Among the daily demands of work, taking the children to
practice or class, volunteering within the community, doing chores
around the house, and keeping up with incoming bills and necessary
paperwork for one thing after another, it is easy to feel like we have
little time to do much else. And to add to the on-going list of “To
Do’s”, tax season is here, and with it comes the potential worry,
stress, and anxiety over how to file and when to get it done with our
busy schedules. Every year there seems to be a new set of rules or
special circumstances, new forms to fill out, or a new technological
feature added to the tax filing process. To help ease the process as you
prepare for this busy time, the IRS suggests using the following tips.
Start Early on Your Taxes
Gathering your records in advance and making sure you have all the
records you need, including W-2s and 1099s, will help ease the process
from the start. When filing, the IRS suggests that you take the time to
double-check your math and verify all Social Security numbers. Paying
attention to these details will reduce your chance of hearing from the
IRS as a result of a mistake, as well as speed up your refund.
Gain Quick and Easy Access to IRS Forms and Publications
For your convenience, the IRS provides many forms and free publications
on a wide variety of topics to help you understand and meet tax filing
requirements. You can download the forms by publication number or topic,
and also look up instructions for each specific form. The tax filing
forms are available at
http://www.irs.gov/formspubs/.
Receive Your Refund Faster with Direct Deposit
More than 61 million people had their tax refunds deposited directly
into their bank accounts in 2007. Receiving your refund through direct
deposit is a secure and convenient way to get your money into your
pocket faster. To request direct deposit, follow the instructions for
"Refund" on your tax return. You can even electronically direct your
refund to multiple accounts. A new "split refund" option allows
taxpayers to divide their refunds among as many as three checking or
savings accounts and three different U.S. financial institutions using
the new e-File option or by using paper Form 8888.
Request a Copy of your Tax Return Information
It is important to retain your tax return and tax account transcripts
for future reference. A tax return transcript shows most line items from
the tax return as it was originally filed, including any accompanying
forms and schedules. There are two easy and convenient options for
obtaining copies of your federal tax return information: 1) Call
1-800-829-1040 and follow the prompts, or 2) Mail Form 4506-T to the
address listed on the form for your area.
Keep Good Records
Good record keeping on various transactions you made throughout the year
will make tax filing a less stressful process. It is important to keep
track of your receipts and other records. The IRS suggests that you keep
tax records for three years, but some documents — such as records
relating to a home purchase or sale, stock transactions, IRA and
business or rental property — should be kept longer. Generally speaking,
the IRS suggests keeping documentation of the following:
• Bills
• Credit card and other receipts
• Invoices
• Mileage logs
• Canceled, imaged or substitute checks or any other proof of payment
• Any other records to support deductions or credits you claim on your
return.
Be Careful of Tax Scams
Each year, the IRS updates their list of known tax scams circulating the
country, including phishing plots, claims from credit counseling
agencies, and rumors put out by unscrupulous promoters. The list is
available by clicking on “Warning on Identity Theft Scams” on the IRS
Web site. You should also remember that the genuine IRS Web site ends in
.gov. Internet sites that end in .com, .net, .org and label themselves
as the IRS are not official IRS sites.
If you have additional questions regarding your 2006 tax return, or have
further questions regarding these resources, please contact the IRS at
their customer service number, 1-800-829-1040 or visit their website:
www.irs.gov.
The Veterans History Project
Congressman Forbes is a proud sponsor of the Library of Congress
Veterans History Project. This unique initiative is designed to develop
a national collection to capture first-hand experiences of nation's
veterans from all service branches. Click the photograph below to watch
a special episode of Washington Review featuring this important
veterans project.
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