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Do you prepare your own income tax return to save money on preparation? If you do, or you are
planning on using this method on your next return, there are some things that you should know
that will help you to avoid making costly income tax errors. Errors that can cost you some of your
refund or that can cost you in time having to amend your return and send it in again. Here are
some income tax tips to help you get started:
1. Make sure that you know which income tax form to use: 1040EZ (for single filers without
itemized deductions), 1040A (for married filers without itemized deductions) or 1040 (for those
who itemize deductions.)
2. Check for errors in your personal information on the income tax return such as your social
security number(s), address, etc.
3. Take the most beneficial deduction. Depending on your circumstances, either the standard or
itemized deduction may keep more money in your pocket. You should do the worksheet in your
income tax instruction booklet to see which one would be best.
4. If you have a home office you can deduct a percentage of your mortgage interest as well as
your utilities and other things you may have not thought of as business expenses.
5. Don't forget to take any medical expense deductions that you have available. If your employer
takes out your health insurance after taxes and it is more than 7 percent of your total income, you
can take this deduction. Include dental and prescription costs as well.
6. Make sure that you have all of your forms before you file your income tax return. Think about
any extra jobs or pay you may have received as well as interest you have accumulated.
7. Take your state and local income tax deduction from the previous year's returns.
8. Check the return at least twice for any math errors even if you are using a calculator. These
can be very costly and are easy to miss.
9. Don't forget to get all of the necessary signatures on the return. If you are married filing jointly,
you will need both spouses to sign.
10. Consider using tax preparation software. It is more accurate than self-preparation and it can
be easy to use and understand and it will check your return for errors for you. You can also get
free or low cost tax preparation through the IRS if you have a low or moderate income.
Eriani Doyel writes articles about Finances. If you would like more information about tax refunds
visit faqtaxes.com
Article Source:
http://EzineArticles.com/?expert=Eriani_Doyel
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