Tax Tips for 2009: Part 2

IRS TAX TIP 2010-01

While the tax filing deadline is more than three months away, it always seems to be here before you know it. Here are the Internal Revenue Service’s top 10 tips that will help your tax filing process run smoother than ever this year.

(Continued from Part 1)

6. Consider Direct Deposit. If you elect to have your refund directly deposited into your bank account, you’ll receive it faster than waiting for a paper check. [Electronic filing with DirectDerposit is safe, secure and quite quick to receive your refund - as little as 10 days for the deposit to occur. Direct Draft for balance due on April 15th is equally encouraged and secure, regardless of when the return is electronically filed. Illinois also supports both options and is quicker to deposit than the federal refunds, in spite of the Illinois financial situation. Paper refunds are delayed due to funds.]

7. Visit IRS.gov again and again. The official IRS Web site is a great place to find everything you’ll need to file your tax return: forms, tips, answers to frequently asked questions and updates on tax law changes. [While this web site is a great resource, you'll need to know the jargon to navigate it quickly.]

8. Remember this number: 17.  Check out Publication 17, Your Federal Income Tax on IRS.gov. It’s a comprehensive collection of information for taxpayers highlighting everything you’ll need to know when filing your return. [Copies of Pub 17 are available at the Champaign Public Library - a great new facility and full of resources.]

9. Review! Review! Review! Don’t rush. We all make mistakes when we rush. Mistakes will slow down the processing of your return. Be sure to double-check all the Social Security Numbers and math calculations on your return as these are the most common errors made by taxpayers. [Paid preparers are advised to NEVER finish the return with the taxpayer present, in one visit, but to have the return reviewed prior to being given to the filer or the return electronically filed.]

10. Don’t panic! If you run into a problem, remember the IRS is here to help. Try IRS.gov or call our customer service number at 800-829-1040. ["I'm from the IRS, I'm here to help." - Enrolled Agents, Certified Public Accountants and many local Attorneys are licensed to practice before the IRS and will assist area filers with personal attention and a local presence. Ethical compliance is a mandate and paid preparers are required to sign your prepared return. Ask your preparer for his/her qualifications before you encounter a problem. The new IRS tax preparer regulations do not take effect until later this year, so under penalty of perjury the responsibility of filing an accurate return remains your responsibility, now and thereafter.]