Getting ready to do your taxes? The IRS website is worth checking out. They have several helps available, including free tax preparation software and e-filing for those who have an adjusted gross income of $58,000 or less.
Valerie RumboughIf you are not sure, look at your 2009 tax return. It is the number on the last line on page 1 of your 1040 (long form). If your AGI is more, you can still take advantage of their fillable forms which have some calculation capability. If you are interested, go to www.irs.gov, and click on the “free file” icon at the right of the page.
On the main page, you will find information to help you know if you qualify for the earned income tax credit, how to track the status of your return, and a host of publications to answer questions about various tax matters.
If you need help finding a publication, just click on “forms and publications” at the left side of the page, then scroll down and click on “topical index” to find the topic you need information on. The IRS will not start processing filed tax returns until Feb. 14, due to Congress passing tax law changes so late in 2010. However, you can still e-file your return before then and it will be there when they are ready.
Remember, the earlier you file, the earlier you can get your refund if you are due one. And if you have to pay, you can e-file your return now and set the payment date for April 15. Happy filing!
– Rumbough, CPA, CFP, is chief operations officer with the Baptist Foundation of South Carolina. Contact her at 800-723-7242. In accordance with IRS Circular 230, any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.