Some Tax Tips for you all

As we all are in the middle of the tax season for year 2011 it won’t be a bad idea to receive some last minute tips on income tax related matters. These tips should come handy for all of you irrespective of whether you already have started preparing for your taxes or still motivating yourself to do so. So let us go through these tips as mentioned under:

  • We will begin these tips by stating that the individuals who still are thinking on getting their act together on preparing for their tax returns should rise to the occasion. All such taxpayers must not waste any more time and start gathering required information. I hope you already have had a nice New Year holidays and now it’s time for some work.
  • Keep your eyes and ears open to any news related to income tax. Getting forms W-2 and 1099 should be high on priority. In case your employer has still not provided you with the same start bugging them, it’s your right to get these details from your employers on time. Participate actively in office discussions related to income tax preparation it will give to idea of what’s happening and what are your peers are up to.
  • Be clear on under which status you will be filing your tax returns at the beginning of your tax preparation. It will help to manage the things henceforth from there on.
  • You must take advantage of the free filing options in case you qualify to avail them.
  • In case you have not e-filed your returns before you should know that you are part of the minority of taxpayers who are still sticking to paper returns.  Try filing your returns electronically this time around.

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