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Consumer Focus: Devising Your Tax Game-Plan Early
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Spring Training: Devising Your Tax Game-Plan Early

Spring is just around the corner--time for baseball, gardening and most importantly, tax day, April 15th. It's already February so be a winner, shape up and get started early on your income taxes. Have you got the right forms? Are your deductions the same? Do you know if there are any changes in the law that may affect you? Should you seek professional tax help? Maybe you need to review your financial statements or track down important documents. Maybe you want to set a new indoor speed record and send your return electronically. Whatever the questions, we have the answers. Or you can visit the IRS web site, www.irs.gov, and other resources that will put you on the fast track to success. So make this your championship season, give it your best shot and point and click your way to a fast and accurate tax return. Remember, if you know the score early, you're way ahead of the game.

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Filing cabinet imageThe Paper Chase

First, be sure you have the right stuff. You can get forms and publications online or at your local library. Many people just file the basic tax form 1040 (or 1040EZ or 1040A) and then add additional forms depending on income and deductions. Some of the more common forms to go along with the 1040 are:

  • Schedule A (itemize deductions)
  • Schedule B (taxable interest or dividends)
  • Schedule C (profit or loss from a business)
  • Schedule D (capital gains and losses)
  • Schedule E (supplemental income and losses)

filing electronicallyWhy File Electronically?

The IRS says that you can get your refund in half the time if you file electronically, even faster if you use Direct Deposit. It's also proven to be more accurate than mailing a paper return, and you will get proof - within 48 hours - that IRS has accepted your return. You can also make payments electronically by using direct debit from your checking or savings account or by credit card by calling toll-free 1-888-2PAY-TAX. You can find out more about e-filing on the main IRS web site. It also features a listing of specific companies that are authorized by IRS to provide this service.

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Money imageTest Your Tax IQ

Can you pass this quiz?

  • Is the money you get in alimony payments taxable?
  • What about your new retirement check?
  • And what about bingo?
  • Or your winnings in a charity raffle?
  • Your great aunt left you two oriental rugs-do you pay taxes?
  • You made some money on the side repairing computers last year-how do you report this income?
  • What about the tips you earned waitressing?

These are just a few of the frequently asked questions that the IRS gets each year. To find the answers go to http://www.irs.gov/faqs/index.html.

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Other Resources

While you still have taxes and finances on your mind, take a minute and check out some of our great books on long-range financial planning. It may help you get your financial house in order in record time.

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