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Step 1
Collect all of your tax information in one file. When the tax documents start coming in the mail in January, create one file or have one envelope in which you collect the documentation. Having everything in one place makes it easy to find things when you are ready to file and reduces the need to file a tax extension.
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Step 2
TaxesObtain the necessary forms for filing. Unlike years ago when you had to wait until the forms were mailed to you or you had to go to the Post Office to pick up the tax forms, now you can download the appropriate forms from the IRS website. If you are using tax preparation software, be sure to purchase the software early in the tax preparation season. Remember, the goal is to file it on time so don’t wait until the last minute to get the software or forms.
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Step 3
Start working on your taxes the minute you have all of the forms. Once you received your W-2, interest statements and other forms necessary for filing your taxes, begin the process. Hopefully you will have all of your forms by the 15th of February. If so, you can work on your taxes a little at a time over the next few weekends.
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Step 4
File Tax ExtensionReview your taxes for accuracy and add the final touches. If you’re getting a refund, you need to file your taxes as soon as possible. Seeking a tax extension on taxes where you get money back is tantamount to asking the government’s permission to hold onto your money. If you owe money, that’s a whole different story. Wait until the deadline of April 15th to file your taxes. It will give you more time to accumulate the amount owed.
Comments
joemoneybags said
on 1/31/2009 Thanks you for the advice and info. well done article, five stars
Kathymcbain said
on 1/17/2009 Very good information for avoiding having to file an extension on your tax return. You've still got to do them sometime - you might as well do them right away!