- Days left
There's nothing more aggravating when preparing an income tax return than missing key pieces of information or having inaccurate information. Whether you're going to prepare your taxes yourself with the help of Turbo Tax, or you're having a professional do them, get organized before you start to make the process easier.

Gather the social security numbers of everyone who will be included on the tax return. This is especially important if you've had a new baby. Get together all the forms you've received in the mail like W-2 wage statements, 1099s for dividends and interest, 1098s for mortgage interest paid, receipts for property taxes paid and charitable contributions made.

If you're self-employed, you'll have lots more documentation to get together relative to your business, too. And don't forget to keep all the information you've gathered with your tax return when it's done! If you ever get audited, it will make things much easier.

If you are going to file electronically, have a blank check from your checking account ready. It will make it easier when it's time to enter your bank numbers to get your refund direct deposited.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Increase your money and finance knowledge from home

Banking Services 101

Understand your bank's services, and how to get the most from them

View Course »

How Financial Planners go Grocery Shopping

Learn to shop smart and save.

View Course »

TurboTax Articles

Know The Key Dates For Health Care Reform

"Open enrollment periods for the health insurance marketplace under the Affordable Care Act are limited" says Mac Schneider, a retired certified public accountant from Albion, Michigan. ?Avoiding tax penalties requires awareness of important dates that may vary year-to-year.? As well as key dates, there are time cycles and coverage gap allowances important to health insurance coverage under provisions of health care reform.

Deducting Mortgage Interest FAQs

If you're a homeowner, you probably qualify for a deduction on your home mortgage interest. The tax deduction also applies if you pay interest on a condominium, cooperative, mobile home, boat or recreational vehicle used as a residence.

What Extra Tax Deductions Should I Make Sure To Take?

The federal government offers tax deductions and credits to reduce taxable income under certain circumstances. There are several that are often overlooked, including deductions for job hunting, caregiver expenses for dependents and children while you work, a credit to reduce taxes for moderate- to low-income earners and the premium tax credit associated with the Affordable Care Act. TurboTax can help determine if you qualify for these credits and deductions.

Add a Comment

*0 / 3000 Character Maximum