10 Ways To Get Ready To File Your Taxes

Even though you might not be ready to file your 2010 income taxes, you can be using this time to get ready. The more complicated your return and the less you did to organize things during the year, the more time you will need.

Tax returns, with a normal deadline of April 15, don't have to be filed this year until April 18, thanks to a Washington, DC, holiday. If you expect to owe additional money in taxes beyond what has been pre-paid or withheld, there's no reason to file before the deadline. But if you are due a refund, the sooner you can file the sooner you will have your money back in your bank account.

From the source

Most tax professionals have tax-filing tips they offer their clients to make things run more smoothly. We decided to go straight to the source and ask the Internal Revenue Service (IRS) for advice. 

Here are the IRS's top 10 tips for improving the tax-filing experience:

1. Start gathering your records. Round up any documents or forms you'll need when filing your taxes: receipts, canceled checks and other documents that support income or deductions you're claiming on your return.

2. Be on the lookout. W-2s and 1099s will be coming soon; you'll need these to file your tax return.

3. Use Free File. Let Free File do the hard work for you with brand-name tax software or online fillable forms. It's available exclusively at the IRS website. Everyone can find an option to prepare their tax return and e-file it for free. If you made $58,000 or less, you qualify for free tax software that is offered through a private-public partnership with manufacturers. If you made more or are comfortable preparing your own tax return, there's Free File Fillable Forms, the electronic versions of IRS paper forms. Visit www.irs.gov/freefile to review your options.

4. Try IRS e-file. After 21 years, IRS e-file has become the safe, easy and most common way to file a tax return. Last year, 70 percent of taxpayers -- 99 million people -- used IRS e-file. Starting in 2011, many tax preparers will be required to use e-file and will explain your filing options to you. This is your chance to give it a try. IRS e-file is approaching 1 billion returns processed safely and securely. If you owe taxes, you have payment options to file immediately and pay by the tax deadline. Best of all, combine e-file with direct deposit and you get your refund in as little as 10 days.

5. Consider other filing options. There are many different options for filing your tax return. You can prepare it yourself or go to a tax preparer. You may be eligible for free face-to-face help at an IRS office or volunteer site. Give yourself time to weigh all the different options and find the one that best suits your needs.

6. Consider Direct Deposit. If you elect to have your refund directly deposited into your bank account, you'll receive it faster than waiting for a paper check.

7. Visit the IRS website again and again. The official IRS website is a great place to find everything you'll need to file your tax return: forms, publications, tips, answers to frequently asked questions and updates on tax law changes.

8. Remember this number: 17. Check out IRS Publication 17, Your Federal Income Tax on the IRS website. It's a comprehensive collection of information for taxpayers highlighting everything you'll need to know when filing your return.

9. Review! Review! Review! Don't rush. We all make mistakes when we rush. Mistakes will slow down the processing of your return. Be sure to double-check all the Social Security Numbers and math calculations on your return as these are the most common errors made by taxpayers.

10. Don't panic! If you run into a problem, remember you can ask the IRS for help. Try online or call toll-free at 800-829-1040