New York, NY (PRWEB) March 29, 2005 -
Â Tax-Definition.org (http://www.tax-definition.org) is happy to share the following Tax Tips -
Tax Tips for Individual Filers:
As the financial year comes to an end, long queues at the Post Office are a sight all of us despise. We all know that, as good American citizens, we should file our tax returns by April 15. The real thing is that we need to keep a track of the amount that we will be left with. The last minute hassles create a lot of confusion.
You can also review Tax deinitions here: http://www.tax-definition.org/Define-Form-1040.html
In fact, if you are a first timer or an individual tax payee there are a lot of things that can be done to make sure that your taxes are filed in the right way and at the right time. The reality is that if proper planning is done in advance, the procedure for filing taxes can become very smooth. It is important to remember that the tax due date is April 15 whereas, the actual tax return is supposed to be filed before June 15. These dates can be confusing, but your tax payments get decided on the basis of the taxes that you have been paying off all through the year.
There are many things that can help you in paying off your taxes on time. And here's listed a 7-point last-minute checklist to make sure your tax paperwork is error-free:
a. Entering your correct Social Security Number. The IRS will not go ahead with your tax formalities if the requisite information is not given on the box, or the label provided for it. In case of a joint tax return with your spouse, both of you need to fill up your Social Security Numbers.
b. You can use a rough label to fill up the information and can strike it off in case it becomes wrong. Otherwise, you need to be very cautious about the information that you fill up in your form.
c. It is advantageous for you to fill up just one filing status that gives you the maximum benefit on tax.
d. Staple your 1099 forms and wage/salary statements in case you got your tax withheld at any time on the mentioned accounts.
e. If you have more dependents on you, then you get more direct tax exemption. Make sure that you fill up the maximum exemptions that you are eligible for. There is a certain amount that gets reduced from your gross income that is used by the IRS for calculating your taxes.
f. Assembling all you documents in order and sequence will help in faster processing. It is important to mention a telephone number that can be used by the IRS in case they need to get to you to satisfy their queries.
g. Remember to mention the telephone and tax ID numbers of your joint filers and the professionals whom youÂve hired to fill up your forms and documentation.
Other than the above-mentioned things, you must remember to file your declaration for the repayments of the amount that went above your tax limit. This completes your procedure for doing your taxes in time.
Stay tuned for our next report on what tax payers / electronic filers need to watch out for: http://www.tax-definition.org/Define-File-a-return.html
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