Now that tax season is over, you’re left with your tax records and hopefully a little of your refund as well! Many taxpayers often wonder how long should I keep my tax records. Is it 1 year, 2 years or until the end of the world? The IRS suggests holding onto most tax records for three years; however, some records such as a home purchase or sale, stock transactions, IRA and business or rental property should be kept longer. In addition to keeping tax records, the IRS states taxpayers should keep all documents that may have an impact on your federal return. This includes: • Bills • Credit card and other receipts • Invoices • Mileage logs • Canceled, Imaged or substitute checks • Proof of payment • Other records to support deductions or credits you claim on your return Speaking of deductions, did you know TaxSlayer.com has a feature that allows you to efficiently manage and track your deductions? “My Deductions” allows you to input all of your monetary, stock, mileage and noncash item deductions, as well as your employment and medical expenses. The beauty of this feature is that you can import these deductions directly into your tax return AND it will save you time when completing your tax return! To access the My Deductions tracker, login to your TaxSlayer.com account, then click on the My Deductions link. Once inside the My Deductions menu, you can add your deductions as they occur throughout the year.

With the tax deadline looming, it is essential to make sure that you prevent any errors on your tax return that could delay the filing and processing of your returns. The IRS recently released a list of their most commonly seen errors. Take a close look and make sure that you pay close attention and take advantage of all of the error checks on TaxSlayer.com. The most common errors are: Incorrect or missing Social Security numbers Always make sure that when you enter a SSN (for yourself or a dependent) that you enter it exactly as it is shown on the Social Security card. Failure to do so can cause the IRS to reject your return resulting in a delay. Incorrect spelling of the dependent’s last name When you enter a name for yourself or a dependent make sure that this also matches the information exactly as it is shown on the Social Security card. This information must match in order for the return to be accepted. Filing status mistakes The IRS lists five possible filing statuses for your return. These possibilities are: Single, Married Filing Joint, Married Filing Separate, Head of Household, and Qualifying Widow(er) with dependent Child. Failure to select the applicable status for your unique filing status can cause undue delays. Make sure to review IRS publication 501 if you have questions. You can also consult TaxSlayer.com support. Math errors Many people face the possibility of errors when filing a paper return. The great thing about TaxSlayer.com is we handle all of the calculations for you so there is no need to worry. Computation errors Much like math errors, many people flub the calculations for important designators such as AGI and EIC. Once again, you are in luck, TaxSlayer.com handles all of these calculations for you and they are guaranteed to be correct. Misstated direct deposit information Make sure that you double check your direct deposit information on the bottom of a check or with your financial institution. Errors in this regard can cause delays in refund processing and can even cause your refund to go into someone else’s account. Forgetting to sign and date the return Once again, by electronic filing with TaxSlayer.com you avoid the possibility of this error. By e-signing your return you ensure no delays because of failure to sign and date your return. Incorrect adjusted gross income In order to e-sign your return you must provide the AGI from your prior year return. For returning customers, we pull this information automatically but new customers need to make sure that they verify the AGI from the ORIGINAL return filed with the IRS the previous year. Paying close attention to these errors as well as using TaxSlayer.com can ensure that you get your return accepted the FIRST time and ON time.

Many people go throughout the year leaving money on the table when it comes to filing tax returns. Many feel they shouldn’t file because they earned very little income; CAUTION this could be a huge mistake! People across the U.S. realize that the IRS has income requirements based on filing status, age, and type of income that needs to be met before you are required to file a tax return. However, many people don’t know that you should file even if the IRS doesn’t require it. Everyone knows that understanding taxes isn’t the easiest thing but a simple check could fatten your wallet. Here are seven points you should consider before deciding not to file: 1. Federal Withholdings From Your Income - Practically everyone allows their employer to withhold Federal and State taxes from their pay throughout the year. Many people even make estimated tax payments or have a prior year overpayment applied to this year’s tax. If this year’s tax is less than your payments you are due a refund. 2. Earned Income Tax Credit - For some tax payers that work but did not earn a lot of money, you may qualify for the Earned Income Tax Credit if you meet all the requirements. The Earned Income Tax Credit is a refundable tax credit that is treated as a payment to help offset taxes and whatever is left over can be used to increase your refund. The Earned Income Tax Credit for tax year 2011 can be as much as $5,751 if you qualify. However, the only way to know if you are eligible for the Earned Income Tax Credit is to file a tax return. 3. Additional Child Tax Credit - This is another refundable tax credit that may be available to you if you have at least one qualifying child and you didn’t get the full amount of the Child Tax Credit. 4. American Opportunity Tax Credit - This partially refundable tax credit is available to students or parents/ guardians that are eligible to claim the student. Students in their first four years of college may qualify for the credit. As much as $1,000 can be refunded back to you for each eligible student. 5. Adoption Credit - If you have adopted a child you may be able to claim a refund on qualified expenses you paid to adopt an eligible child. 6. Health Coverage Tax Credit - Eligible candidates must be a Pension Benefit Guaranty Corporation payee or Trade Adjustment Assistant recipient who receives Trade Readjustment Allowance (TRA) or Unemployment Insurance in lieu of TRA. If you qualify and pay 100% of your health plan premiums throughout the year, you can claim and be refunded 65% of your payments on your tax return. 7. First Time Homebuyer - Service members that meet certain time periods outside the United States on qualified extended duty may qualify for up to $8,000 if they meet requirements for the First Time Home Buyers Credit. As you can see, it can possibly cost you thousands of dollars if you decide not to file without looking into it. TaxSlayer.com can help by simply starting a tax return and letting our software guide you on your way to ensuring you receive the maximum refund possible. We guarantee it!

Tax time is upon us. The IRS will begin accepting tax returns on January 17th and TaxSlayer.com is already processing thousands of tax returns every day. The question is, what should you do if you don’t have all of your tax forms?? If you are without some of your tax forms don’t fret, as a matter of fact most tax payers have yet to receive all of the forms required to file the tax return. Federal law allows employers, as well as other companies preparing tax documents (such as bank, educational institutions, day care etc.), until January 31st to provide these documents to you. With that being said you may want to get a jump on things so here are some suggestions to make sure you get these documents in your hands ASAP. • Ask your employer: While many companies don’t have to prepare the forms until the end of the month they may be able to generate them easily, especially smaller companies. Make sure you check with your boss and/or payroll department and they may be able to get it for you on the spot. • Check your address: If you have recently moved, the forms could be sent to the wrong address. A lot of the time you may forget to update your address with those that don’t send to you on a regular basis. If this is the case they may be able to resend the documents. • Check online: Many reporting agencies such as banks, mortgage lenders, and school may post the required forms online. In most cases these forms are available online long before you would receive them in the mail so make sure to check. • Contact the IRS: If all else fails you can contact the IRS in early February and they can help you track down the forms and information that you need. In most cases the information will be reported to them as well and they should be able to help. Just make sure that before you call you have all of your personal information ready to dish out. Once you receive all of your paperwork you can submit your return with TaxSlayer.com. With that being said it is not too late to get started regardless of whether or not you have everything you need. You can still register today and get started. TaxSlayer has more tools than ever to help you get the maximum refund possible and our calculations are always guaranteed. So what are you waiting on?? Get started today!!!