Tips for Timely Tax Filing and Refunds

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Each year, thousands of tax returns contain errors or omissions that must then must be corrected before being processed. Regardless of method of filing , here are few tips for filing a return.

Do not wait till the deadline –  you may not only commit mistakes but also bear the risk of IRS/State penalties if taxes are not filed timely.

• Save and compile your W-2’s,  income and expense records and other receipts now.  Request information or yearly statement if you have not received from various agencies/institutions.
• Organize everything and keep a backup copy.
• Compile a list of things you know or research.  If possible review the new tax credits and rebates related to house, car, child credit, investments, estate and many other,  with  tax professionals and advisors.
• Read instructions carefully, if you have any questions please research IRS/State Dept. website or consult your Tax preparer.
• Make certain returns are complete in all respect and full out forms completely. Incomplete forms may be adjusted or may be sent a written request for documentation.
• Attach all W-2s and supporting document at the appropriate place on the return.
• Also check the address where the refund is to be sent.  When Direct Deposit is requested, accurate financial information should be submitted with special attention to account and routing numbers. If a taxpayer wishes to receive a refund by mail, addresses should be complete, including city, state, zip code and other specific information such as apartment numbers.
• Be sure to sign the paper return. If filing a joint return both parties must sign the return.
• Confirm social security numbers. SSN(s) must be correct.
• Check the dates of filing properly and put them on your calendar.   Visit www.irs.gov
• Check the math. Simple calculation errors may result in the return being adjusted or the department manually correcting the returns. Simply double checking the math may save time in receiving a refund.
• Check the addresses for State and IRS tax submission by mail.
• Put proper postage on the envelope.
• Finally Relax and Act