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Bankrate's 7-day tax-filing plan
For most taxpayers, encountering
unfamiliar paperwork is a big aggravation.
But by examining the forms beforehand, you'll
have a heads-up about what to expect when
it comes time -- tomorrow -- to start filling
them out.
Day 4: Fill out your forms
Now the real fun begins. Today we put pencil to paper to complete your return.
Actually, this should be a piece of cake (and one that's preferable
to that aging fruit-filled holiday concoction) because you already have your
income, deduction, exemption and credit information at your fingertips.
You
can either work your way through income and deduction data stacks, entering the
information at the appropriate tax return lines, or you can start at the beginning of
your chosen 1040 and work your way down the return. It's a matter of personal
preference, but if you're not overly comfortable in filing your taxes, you're
probably better off going with the line-by-line approach.
A
tip for entering information: Have the instruction book for your return handy.
The 1040 and additional forms are pretty skeletal. The instructions help flesh
out your entries, provide work sheets you might need and, in some cases, even
let you know that a certain line doesn't apply to your filing situation.
Plus
the instructions are where you'll find the tax tables. You'll need these to see
just what your tax bill is.
Day 5: Take
a break
Ignore your taxes.
You've
made it past the filing halfway mark. You deserve a break!
Take
today's tax hour and read a book, take a walk or luxuriate in a bubble bath. Tomorrow
and taxes will be here soon enough.
Day
6: Check your work
OK, back to the filing grindstone.
Today, with a fresh eye, double-check your tax form entries.
When
people inspect their returns right after they've filled them out, they tend to
see what they know should be entered rather than what is actually on the form. But thanks to yesterday's break, your review today will
give you a new perspective.
Simple entry errors,
text and mathematical, are the most common
tax-filing mistakes. Make sure you haven't overlooked a deduction or a transposed
dollar amount.
Don't forget the obvious. Check
names -- yours, your spouse's, your children's and
any other dependents'. Make sure you've entered
the Social Security number for each and that
the numbers are correct.
Finally,
if you're not using computer software or an online program to make your calculations, plug in the adding machine and
check your addition and subtraction again.
Day
7: Sign, seal and deliver
We're in the home stretch.
Confident that you've counted all your income, taken all the deductions
you can, and entered your information
correctly and completely,
it's time to wrap up your
annual tax filing.
Make one final
check of your return to guarantee that all is in order. Then sign it, make
yourself a copy and send it on its way, either via the post office (make sure
you've put enough stamps on the envelope) or by hitting the "enter"
button on your computer keyboard.
And what to do with the rest
of today's tax-filing hour?
Pour yourself a cold one, kick
back and congratulate yourself on conquering your taxes in one relatively hassle-free
week!
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Updated: April 7, 2009 |
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