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Five Tips for Preparing to File Your Taxes

Getting ready to file your taxes? Getting organized first will be a big time saver later. Knowing what forms you will need, how you want to file, and knowing what deductions you are planning on taking along with supporting documents will help you out when you actually sit down to do the dirty work.

Five Tips for Preparing to File Your TaxesI have certainly been guilty of filing my taxes at midnight on April 15th, but as I get older and my taxes get more complicated, I can’t afford to wait until March to start getting my taxes in order. Here are five things I’ve found helpful to start doing in January to ensure filing your taxes are as painless as possible.

Tax Tip #1: Make a Checklist for Collecting Tax Forms

If your taxes are simple (e.g., you have one employer and no investments, itemized deductions, or other income), you may just need your W-2 and form 1040EZ to file your tax return this year. Many of aren’t so lucky. You may have multiple W-2s, a half dozen 1099s, and myriad other forms coming your way in the next couple months. Make a list of all the tax forms you should receive and designate a place to store them as they come in. If you haven’t received a tax form you need in late February, call the issuing organization. Filing a return without a requisite form is a hassle and, while allowed, is not recommended. (Also, if you have moved since January 2008, be sure all the organizations issuing you tax forms have your new address!)

Tax Tip #2: Decide How You’ll File

Do you use TurboTax, an online tax prep program, a tax accountant, or good old paper and pencil? However you file your taxes, buy the software, hire the accountant, or get the paperwork you need from your local library or post office. This step isn’t that difficult, but it’s good to have it out of the way. Hint: TurboTax Federal Free Edition lets you prepare your federal return online for free. If you choose to print out your return and mail it in, then filing doesn’t cost you a dime! Learn more.

Tax Tip #3: Research Credits and Deductions Now

Especially if you do your own taxes, it’s important not to miss any credits or deductions that may reduce what you owe or bolster a refund. Turbo Tax has a list of the most overlooked deductions, which include state sales tax, student loan interest paid by mom and dad, and moving expenses for a new job.

Tax Tip #4: Organize Those Receipts

If you itemize deductions or have business-related expenses, it’s better to get your receipts in order now. Receipts scanning and organization service Shoeboxed can help. And, if you’re having trouble juggling business and personal expenses, get a dedicated credit card for your business spending in 2009. American express cards are great for keeping track of business expenses, and will even issue year-end statements of all expenses, by category, for the year.

Tax Tip #5: Block Out Time to File

Filing taxes isn’t fun, and it always takes longer than expected. Don’t wind up filing at the last minute just because you couldn’t find time. Set aside a weekend afternoon or long evening to file your taxes. It may seem like a pain to schedule such a mundane task, but you’ll be happy when your return is in the mail and you can sit back and relax for another year.

Ready to start your return? Consider using TurboTax Federal Free Edition.

Published or updated on January 8, 2009

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About David Weliver

David Weliver is the founding editor of Money Under 30. He's a cited authority on personal finance and the unique money issues we face during our first two decades as adults. He lives in Maine with his wife and two children.


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  1. Jane says:

    Im wondering how one can find out about the latest tax breaks and deductions available. Is there a trustworthy site you would recommend?

  2. SGNH says:

    Since we are in the middle of tax season I feel I should mention that the IRS offers free filing on their website. Here is the link:,,id=118986,00.html. I tried it and it is really easy. You can’t make more than $57K, though

    I was surprised to see that they also went mobile: Text BEST to 62407 and you can vote on the best free things in life and download free wallpaper to your phone. Kinda cute for a government agency.

  3. I am gearing up, and planing to go toe-to-toe with Uncle Sam this tax season. My wife and I are lucky enough to qualify for the $7,500 tax credit that you mentioned in your article. Thank you I probably wouldn’t have known about it without reading your blog. I also like the idea about making a check list of forms.

    -Dan Malone-

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