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America's Tax Experts Offer 10 Tips to Tax Relief
by: ARA Content
(ARA) - Few events cause more stress than tax preparation. Is it any
wonder taxpayers try to put it off year after year? With more than 127
million projected income tax returns expected this year, it's important
taxpayers get informed, get organized, and get started. H&R Block recommends
these 10 tips to prepare the average taxpayer for this annual undertaking:
Make a list of life changes over the past year. Include major purchases
like homes or cars, marriages, children, and new employment. Be sure to take
these life-altering events into account.
Make a resolution to investigate tax code changes for 2001. Major
changes this year include capital gains and foster children.
Start early. Just because the deadline for postmarking returns has been
pushed back to April 16 (April 15 is a Sunday) don't procrastinate. Set
several appointments with yourself to complete your return to avoid feeling
overwhelmed in April.
Get organized. And in doing so, begin preparing for next year. File all
your important tax documents together. Create a separate file or location
for each year's documents. And remember to keep tax files from the last
seven years.
Make a document checklist. Even if you take your taxes to a preparer,
you'll need to have all the necessary forms at your fingertips. Remember to
bring: all documents containing income information (W2s, alimony, social
security, lottery/gambling, savings account and investment statements,
etc.), your driver's license, and social security numbers for spouse and
dependents.
Use the right forms. You can download federal and state forms from
www.hrblock.com or www.irs.gov.
Ask a specialist. Tax knowledge and years of know-how are available at
more than 9,200 H&R Block offices or hrblock.com. This year for the first
time you can e-mail a tax advisor at www.hrblock.com and get an answer
within 24 hours.
Consider user-friendly software. Since the average household will spend
11 hours working to complete their 1040 tax forms, you might be interested
in TaxCut software. With it the average user completes his tax forms in less
than three hours.
Double-check everything before filing. The IRS returns thousands of tax
forms every year because of incorrect social security numbers, transposed
numbers or other missing information.
Manage your refund. For some taxpayers, a refund is a year-end bonus.
H&R Block financial advisors can help you invest your refund to help you
meet your financial goals without increasing your tax risk for next year.
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