Thursday, April 5, 2012

Checking Tips

Hi everyone!

This post probably should of came before my "where's my refund" post... but I figured there are SOME of you out there who haven't filed your taxes yet.

If you are preparing your own tax return this year, before you press that submit button, double check the following:

1) Make sure that you have reported all your earned income. If you changed jobs last year, make sure that you've reported all your W-2s received from both your new and old employer(s).

2) Form 1099 (i.e. Form 1099-INT, Form 1099-DIV, Form 1099-B, Form 1099-Misc) - Make sure you report all the income per the 1099 forms. The IRS will know if you forgot to report something!

3) Change in status - Don't forget that if you got married, divorced, or became a new parent during the tax year, you may have a change in filing status!

4) Change in exemption - If you became a proud new parent or if your child is all grown up and finally moved out of your household, you may have to review your dependent claims.

5) If you itemize your deductions, skim through the Form Schedule A to ensure that you have claimed all your deductions.

6) If you have made energy improvements to your home in 2011, you may be eligible for a tax credit.  Google Form 5695 instructions for more information.

7) Check to make sure that your name, address, and personal information are correct on the tax returns.  Also check for typos.

8) Compare your current year tax return with prior year's. This will help remind you if you may have forgotten anything.

9) Don't forget to sign your returns (Federal and State) if you are paper filing!

If you haven't filed your income tax returns and your household income is less than $50,000, you may be eligible for free tax preparation help. Check out my previous blog post for more information.

To find out when taxes are due, click here.

Have a great Easter weekend! Lent is going to be over soon!

All information provided here are intended as a convenient source of tax information. This information is general in nature, is not complete, and may not apply to your specific situation. You should consult your own tax advisor regarding your tax needs.

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