Practical Preparation Tips to Maximize your Tax Savings:
- BE DILIGENT and insure that you gather all your receipts and are very thorough whether you are completing or have a paid preparer.
- “BE ANXIOUS FOR NOTHING” – Normally when we are anxious and rush into decisions, judgments, etc., they normally come with a cost. The moral is waiting for your refund to be received and not succumbing to all the bells and whistles of a “Rush or Rapid” refund. This will save you a lot of money in fees.
- BE FRUGAL – If you are receiving a refund use it to add to or establish an “Emergency Fund”.
- IRA’s – If you don’t presently have an IRA check and see how an IRA may assist you in reducing your tax bill.
- BEWARE OF IDENTITY THEFT – Insure that you have a reputable tax preparer and that your information is secure. If you receive calls or requests for anyone requesting additional information (IRS, Social Security Administration, etc.,) verify the identity of the person calling.
- BE INFORMED by visiting www.irs.gov. This will give you some
information that may assist you in collecting and putting together documents for tax preparation. - Use FREE TAX FILING SERVICE IN YOUR AREA – Call the IRS at 800.906.9887 or check online for VITA (Volunteer Income Tax Service).
- BE INFORMED OF MISSED DEDUCTIONS – so you can start preparing this year for Tax Prep 2010.
- If you have a business through DIRECT SELLING COMPANIES don’t forget that this will often qualify for Home based Business deductions – Ask questions.
- DON’T BE PRESUMPTUOUS – If you are receiving a refund, don’t spend what you don’t have. Also, if and when refund is received remember to Be Frugal.
Please feel free to share tips your Tax Prep Tips!
Fabulously frugal,
The Practical Princess
thepracticalprincess 