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Category: Tax Tips

Top Ten Tax Tips

***These tax tips have been provided by the IRS***

Gather your records…now! It is never too early to start getting together any documents or forms you will need when filing your taxes: receipts, canceled checks, and other documents that support an item of income or a deduction you are reporting on your return.Report all your income: You will need all of your Forms W-2 (Wage and Tax Statements), and 1099 income statements to report your income when you file your tax return. To ensure you do not misplace these forms, add them to your other records you are keeping.


Do a little research: Check out Publication 17 on It’s a comprehensive collection of information for taxpayers highlighting everything you will need to know when filing your return. You can also search through the program's Knowledgebase with over 1,000 tax related articles to help you.


Think ahead to how you will file: Will you prepare your return yourself? The program offers easy, step-by-step instructions with the help of the Interview Wizard to walk you through the preparation of your tax return and filing process. If you have any questions when preparing your return, please contact the Support Staff by clicking the "Help & Support" tab located within your account.


Take your time: Rushing to get your return filed increases the chances of making a mistake. Please double and triple check your entries to ensure the accuracy and to avoid having to file an Amended Return which can take 11-14 weeks for the IRS to process.


Double-check your return:Mistakes will slow down the processing of your return. In particular, make sure all the Social Security Numbers and math calculations are correct as these are the most common errors made by taxpayers when paper filing.


Consider e-file: When you file electronically, the program will handle the math calculations for you, and you will get your refund in about half the time it takes when you file a paper return.


Think about Direct Deposit: If you elect to have your refund directly deposited into your bank account, you will receive it much faster than waiting for a check by mail.


Review! Review! Review! Do not rush. We all make mistakes when we rush. We cannot stress this enough. Mistakes will slow down the processing of your return. Be sure to double-check all the Social Security Numbers and math calculations on your return as these are the most common errors made by taxpayers.


Relax: There is no need to panic. If you run into a problem, remember the IRS and our Support Staff are here to help. Try or call the IRS customer service number at 800-829-1040.



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