Archive for the ‘Taxes’ Category
Filing your Own Taxes, Preparations and Considerations Part Two
February 11th, 2009 | 
Author: 
Kasan Groupe asked:
***This is a follow up to Filing your Taxes, Preparations and Considerations Part One.
Yes, finally! That time of the year is finally here when you can save a little bit of your wages and tuck the rest in a piggy bank. You can raise your glass and jump on your kids’ cheap bunk beds in glee, It’s Tax Season! But have you ever considered filed your own? If not, there are many options to consider. It may or may not be the best route for you.
Where to Go for Help- If you simply can’t afford to hire a professional accountant and you need help preparing your own taxes, there are several resources available to you free of charge.
IRS: This is actually the single best place to turn when you have a tax-related question that needs answering. They have both a comprehensive website and a recorded informational service line which includes personal assistance as well. The service line is (1800.829.4477) and to speak to someone the number is (1800.829.1040). AARP Tax-Aide: This program offers a free tax counseling service that educates senior citizens on basic income tax return preparation. Other qualified individuals can also be assisted. Learn more through the AARP website. VITA: This is known as the Volunteer Income Tax-Assistance (VITA) program which matches certified volunteers with low-to moderate income individuals who need assistance with their tax returns. To locate the site nearest you, you can call (1800.829.1040).
Once you decide how and who will do it, you have to gather all your tax returns. And sometimes this is not an easy feat. This all depends on how you make your money, what investments are in your name, whether you itemize your deductions, and many other financial factors. To start, here is a list of all the basic information you will need to file your taxes.
Your social security number: Keep in mind that if you have a spouse or any dependants you will need their social security number as well. W-2 forms: From every employer you worked for, you will receive by mail a W-2 form along with a statement of wages you have earned. It is the law that you receive these forms by January 31st. If this doesn’t happen, contact that employer right away. 1099 forms: You will receive these forms for dividends, retirement accounts, scholarships, or any other forms of income you might have accrued. If you are self employed, you will be receiving a legitimate report stating how much money you earned as an independent contractor. Receipts: If your plan is to deduct some expenses or make charitable contributions you will need to keep these receipts handy. Bank account numbers: If you wish to receive your refund electronically and you file your taxes electronically than you need to supply your bank’s routing number as well as your bank account number to receive your money. Adjusted gross income from the previous tax year: To successfully and fully complete your tax returns this year, you will need to have your previous year’s tax return to refer to.
***Stay tuned for Filing your Taxes, Preparations and Considerations Part Three to read Beyond the Basics and learn about all the additional financial records you may need for this year’s filing.
***This is a follow up to Filing your Taxes, Preparations and Considerations Part One.
Yes, finally! That time of the year is finally here when you can save a little bit of your wages and tuck the rest in a piggy bank. You can raise your glass and jump on your kids’ cheap bunk beds in glee, It’s Tax Season! But have you ever considered filed your own? If not, there are many options to consider. It may or may not be the best route for you.
Where to Go for Help- If you simply can’t afford to hire a professional accountant and you need help preparing your own taxes, there are several resources available to you free of charge.
IRS: This is actually the single best place to turn when you have a tax-related question that needs answering. They have both a comprehensive website and a recorded informational service line which includes personal assistance as well. The service line is (1800.829.4477) and to speak to someone the number is (1800.829.1040). AARP Tax-Aide: This program offers a free tax counseling service that educates senior citizens on basic income tax return preparation. Other qualified individuals can also be assisted. Learn more through the AARP website. VITA: This is known as the Volunteer Income Tax-Assistance (VITA) program which matches certified volunteers with low-to moderate income individuals who need assistance with their tax returns. To locate the site nearest you, you can call (1800.829.1040).
Once you decide how and who will do it, you have to gather all your tax returns. And sometimes this is not an easy feat. This all depends on how you make your money, what investments are in your name, whether you itemize your deductions, and many other financial factors. To start, here is a list of all the basic information you will need to file your taxes.
Your social security number: Keep in mind that if you have a spouse or any dependants you will need their social security number as well. W-2 forms: From every employer you worked for, you will receive by mail a W-2 form along with a statement of wages you have earned. It is the law that you receive these forms by January 31st. If this doesn’t happen, contact that employer right away. 1099 forms: You will receive these forms for dividends, retirement accounts, scholarships, or any other forms of income you might have accrued. If you are self employed, you will be receiving a legitimate report stating how much money you earned as an independent contractor. Receipts: If your plan is to deduct some expenses or make charitable contributions you will need to keep these receipts handy. Bank account numbers: If you wish to receive your refund electronically and you file your taxes electronically than you need to supply your bank’s routing number as well as your bank account number to receive your money. Adjusted gross income from the previous tax year: To successfully and fully complete your tax returns this year, you will need to have your previous year’s tax return to refer to.
***Stay tuned for Filing your Taxes, Preparations and Considerations Part Three to read Beyond the Basics and learn about all the additional financial records you may need for this year’s filing.
Posted in Taxes | 
Tags: Income Tax Assistance, Moderate Income Individuals, Social Security Number | 
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