< Back to front page
Text size
–
+
Tips for preparing and filing your 2009 tax return
Although April 15th is several months away, here are some tips that will help you to reduce the amount of time and stress typically associated with preparing and filing your tax return.
1) Start gathering your tax related documents and information now. Be sure to include any receipts, canceled checks, credit card statements, and other documentation necessary to report your income and claim your deductions.
2) Keep an eye out for tax documents in the mail. Documents such as W-2s, Form 1099s, mortgage statements, as well as bank account and investment account statements for 2009 should start to arrive in early to mid-January. Be sure to look out for these and other tax related documents in the mail. If you are only receiving electronic statements from your financial service providers be sure to check your e-mails for these documents.
3) Consider e-filing your Federal and State tax returns. This can reduce the amount of errors as well as the amount of time it takes to receive your money if you are due a refund.
4) Consider direct deposit. If you are entitled to a refund, you can have it deposited directly into your bank account. Regardless of whether of not you choose to e-file your return, this can reduce the amount of time it takes to receive your refund because you will not have to wait for a paper check.
1) Start gathering your tax related documents and information now. Be sure to include any receipts, canceled checks, credit card statements, and other documentation necessary to report your income and claim your deductions.
2) Keep an eye out for tax documents in the mail. Documents such as W-2s, Form 1099s, mortgage statements, as well as bank account and investment account statements for 2009 should start to arrive in early to mid-January. Be sure to look out for these and other tax related documents in the mail. If you are only receiving electronic statements from your financial service providers be sure to check your e-mails for these documents.
3) Consider e-filing your Federal and State tax returns. This can reduce the amount of errors as well as the amount of time it takes to receive your money if you are due a refund.
4) Consider direct deposit. If you are entitled to a refund, you can have it deposited directly into your bank account. Regardless of whether of not you choose to e-file your return, this can reduce the amount of time it takes to receive your refund because you will not have to wait for a paper check.
5) Review Publication 17 from the IRS (www.irs.gov/publications/p17/index.html). Publication 17 - Your Federal Income Tax has a wealth of information about filing your Federal income tax return. Some of the topics covered by Publication 17 include help with determining your filing status, the number of exemptions and dependents you should claim, how income is define, whether or not to itemize your deductions or take the standard deduction, how to calculate capital gains/losses, and how to compute your tax liability.
6) Give yourself plenty of time to review your tax return. Errors in basic information such as social security numbers and mathematical errors can delay the processing of your tax return. Be sure to double-check your return for these types of mistakes and make sure you include the appropriate documentation, when requested (such as W-2s) before filing your return.
7) Get help if you have trouble preparing or filing your return. The IRS and state tax authorities have customer service hotlines as well as web sites to assist taxpayers with questions about preparing their tax returns. For assistance with your federal return visit the IRS' web site at, www.irs.gov or call their customer service number at 800-829-1040. For each state's income tax authority, visit the Federation of Tax Administrator's web site for links to each state's agency at www.taxadmin.org/Fta/link/default.html.
8) For additional help, you may qualify for free income tax preparation through the IRS' Free File program. The IRS has partnered with several tax software companies to provide free tax preparation and e-filing for those who meet certain qualifications. Visit the Free File web site at www.irs.gov/efile/article/0,,id=118986,00.html to learn more about the program.
6) Give yourself plenty of time to review your tax return. Errors in basic information such as social security numbers and mathematical errors can delay the processing of your tax return. Be sure to double-check your return for these types of mistakes and make sure you include the appropriate documentation, when requested (such as W-2s) before filing your return.
7) Get help if you have trouble preparing or filing your return. The IRS and state tax authorities have customer service hotlines as well as web sites to assist taxpayers with questions about preparing their tax returns. For assistance with your federal return visit the IRS' web site at, www.irs.gov or call their customer service number at 800-829-1040. For each state's income tax authority, visit the Federation of Tax Administrator's web site for links to each state's agency at www.taxadmin.org/Fta/link/default.html.
8) For additional help, you may qualify for free income tax preparation through the IRS' Free File program. The IRS has partnered with several tax software companies to provide free tax preparation and e-filing for those who meet certain qualifications. Visit the Free File web site at www.irs.gov/efile/article/0,,id=118986,00.html to learn more about the program.
tags 1040, income taxes
ABOUT MANAGING YOUR MONEY
Local finance professionals share insights and advice on issues such as
budgeting, managing debt, and retirement planning.
About the contributors
Andrew Chan is the
founder of Integrative
Financial Advisors in Framingham. He provides comprehensive
financial planning advice and investment management services. He has
been an adviser for over 12 years and works with clients to integrate
all aspects of their finances including investments, retirement,
education funding, and tax planning.
Cheryl Costa is a
managing director at AFW Wealth Advisors, which has offices in Natick and Purchase, N.Y. She advises clients on investing, education funding, and estate planning. She holds a master’s in business administration from Boston University.
Jamie Downey has been an
accountant for more than 14 years. He's a partner at Downey & Co. in
Braintree. Prior to joining the firm, he served as a manager in the
audit department of accounting firm KPMG.
