Tax Time, Don't Put It Off

Here's a quote from the IRS list of "Dirty Dozen" Tax Scams for 2006: "And remember, no matter who prepares the return, the taxpayer is ultimately responsible for its accuracy".

I'm not a tax expert in any way, but I find the first step to lessen the stress at tax time is to keep papers organized throughout the year. This can be as simple as buying a package of large brown envelopes, labeling them January through December, and putting receipts, bills, etc. from each month in the corresponding envelope. Just doing this will help prevent a major panic attack when you have to take your paperwork to your CPA, or start on the taxes yourself.

Another thing that helps is to stay in the know. Around October or November, start looking at the IRS website and read a little article here or there. It will help you to keep from feeling utterly lost and you will be on top of new deductions or new items that have to be included as income.

One deduction that can be taken this year is the Telephone Excise Tax Refund. As an individual you can claim a $30 to $60 refund. And, as we all know, every little bit helps.

The IRS site is user friendly and has a lot of interesting information, even for those not preparing taxes.