CONTRIBUTE TO RETIREMENT ACCOUNTS
If you haven’t already funded your retirement account for 2010, do so by April 18, 2011. That’s the deadline for contributions to a traditional IRA, deductible or not, and to a Roth IRA. --Turbo Tax
KNOW THE DEADLINE
April 18, 2011 is the deadline for filing tax returns. Schedule an appointment with your tax preparer way ahead of time. Tax preparers usually get really busy towards the deadline because so many of us procastinate. When that happens there is a chance your tax may not be prepared as deligently as if it was there was enough time. Filing late may cost you a late-filing penalty of 4.5 per cent per month of the tax amount you owe and a late-payment penalty of .5 per cent a month of the tax due.
HAVE ALL YOUR STUFF READY
When you visit your tax preparer be sure to have all the social security numbers of your dependents, have all receipts alread listed and totalled in a sheet so are the income for your business if you had one. Don't forget to mention all office fixtures acquired for your business as depreciation expense can be allocated for those.
FILE ELECTRONICALLY
Electronic filing is processed faster because IRS processes them faster than paper ones. You will get your refund a lot sooner.
DECLINE OFFERS OF MONEY ADVANCE OR QUICK CASH
When you file taxes, your tax preparer may offer you to get your cash immediately instead of waiting for the IRS to mail you the check. This will cost you a lot and rates are ridiculously high. Not mention hidden fees. So say "No"
LINKS that also provide really smart Tax Saving Tips:
Pine Tree Legal
Bank Rate - 10 Tasty Tax Tips for 2011
IRS - Tax Tips for 2011
SF Gate -Simple Last Minute Tax Tips
Visit The Filipino American: http://www.thefilipinoamerican.com/
If you haven’t already funded your retirement account for 2010, do so by April 18, 2011. That’s the deadline for contributions to a traditional IRA, deductible or not, and to a Roth IRA. --Turbo Tax
KNOW THE DEADLINE
April 18, 2011 is the deadline for filing tax returns. Schedule an appointment with your tax preparer way ahead of time. Tax preparers usually get really busy towards the deadline because so many of us procastinate. When that happens there is a chance your tax may not be prepared as deligently as if it was there was enough time. Filing late may cost you a late-filing penalty of 4.5 per cent per month of the tax amount you owe and a late-payment penalty of .5 per cent a month of the tax due.
HAVE ALL YOUR STUFF READY
When you visit your tax preparer be sure to have all the social security numbers of your dependents, have all receipts alread listed and totalled in a sheet so are the income for your business if you had one. Don't forget to mention all office fixtures acquired for your business as depreciation expense can be allocated for those.
FILE ELECTRONICALLY
Electronic filing is processed faster because IRS processes them faster than paper ones. You will get your refund a lot sooner.
DECLINE OFFERS OF MONEY ADVANCE OR QUICK CASH
When you file taxes, your tax preparer may offer you to get your cash immediately instead of waiting for the IRS to mail you the check. This will cost you a lot and rates are ridiculously high. Not mention hidden fees. So say "No"
LINKS that also provide really smart Tax Saving Tips:
Pine Tree Legal
Bank Rate - 10 Tasty Tax Tips for 2011
IRS - Tax Tips for 2011
SF Gate -Simple Last Minute Tax Tips
Visit The Filipino American: http://www.thefilipinoamerican.com/
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