2009 IRS Income Tax Returns are round the corner. We all know that a carefully filed tax return is always much better than the one which is filed in haste. This is because of the reason that you get enough time to find out which deductions to claim and how you can get the most out of your tax returns.
Most of the people are not aware how much do they owe in taxes or how much they should be getting from IRS. A lot of people when go to a tax consultant in a haste, they are bound to miss out on some crucial information that may be necessary to increase your refund amount or to lower your dues.
Here are some tips to help you plan for your 2009 IRS Income Tax Returns –
1. Make a decision if you want to file through a tax consultant or by using a tax preparation software – Depending on your financial complexity, you may want to decide which option to take. If your tax returns are going to be simple or even moderately complex, its fine if you use a tax return software like turbo tax.
However, if the financial data is very complex, then a tax consultant will be a better option as he will be able to better guide you on how you can claim more deductions. Just to add though, there are a lot sophisticated tax softwares out there in market and for 2009 IRS returns, they’ll have much more features.
2. Keep a log of your financial spendings – You may have made some expenditure that can be mentioned in deductions, but if you forget about it during tax preparation, you are unnecessarily giving money to IRS in 2009. Always keep a journel of important expenses.
3. Start doing preparation 1 week in advance – If you are about to file returns, then start the preparation a week in advance. Start collecting all the expense details, receipts, W2 and keep them in a common area. Start thinking what all expenses have you incurred for which you don’t have receipts. You may come across few that you can show in deductions.