August 15, 2011
Things to remember before filing your tax return for 2012 tax year
Working under pressure is not an easy task and can cause you some trouble, especially when dealing to your finances. The planning and preparation also takes time, days or even months. That's why basic knowledge is important and good for you to plan ahead of time.
• Collect the important information – Start collecting all the important papers like receipts and records of your tax returns. So, if the time comes you need to submit the report of your tax returns, you can avoid overlooking some important deductions.
• Don’t scrap your previous paperwork – After filing your previous tax returns, store all the papers you used and don’t throw It away because you may use it in the future.
• File your return as soon as possible – You may didn't know that if you file your return as soon as possible, you can get your returns sooner than those people who waited until mid February to file.
• File your return before the deadline – If you file and pay late, the IRS may charge you a 4.5 percent monthly fee for owed tax. If ever happen you can't finish it on time, you need to submit form 4868 for six month extension.
• Use the right form – Using the right form can save you from anything unacceptable that can happen. Unfortunately, you won’t find the necessary forms you need at the library and to the post office, and you don't know what specific forms you need. However, the IRS offers downloadable catalog dating all the way from year 1990’s.