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Senior Tax Tips 2002
Ugh! Tax time! To help you prepare your taxes here are some tax tips from the IRS. IRS Tax Tip-Avoid Headaches, Prepare Taxes Early Earlier is better when it comes to working on your taxes. The IRS encourages you to get a head start on tax preparation. Not only do you avoid the last-minute rush, early filers also get a faster refund. There are seven easy ways to get a good jump on your taxes long before the April 15 deadline rolls around: - Gather your records in advance. Make sure you have all the records you need, including form SSA 1099, W-2s and other 1099s including those from investment accounts. Don't forget to save a copy for your files.
- Get the right forms. They're available around the clock on the IRS Web site, http://www.irs.gov, in the "Forms & Pubs" section.
- Take your time. Don't forget to leave room for a coffee break when filling out your tax return. Rushing can mean making a mistake - and that can be expensive!
- Double-check your math and Social Security number. These are among the most common errors on tax returns. Taking care on these reduces your chances of hearing from the IRS.
- Get the fastest refund. When you file early, you get your refund faster. Using e-filing with direct deposit might get you a refund in as little as 10 to 15 days.
- E-filing is easy. E-filing catches math problems, provides confirmation your return has been received and gives you a faster refund.
- Don't panic. If you have a problem or a question, remember the IRS is there to help around the clock. Try their Web site at http://www.irs.gov. Or call our toll-free customer service number, 1-800-829-1040, between 7:00 a.m. and 10:00 p.m. weekdays, and 9:00 a.m. to 5:00 p.m. Saturdays until April 13.
January 2002 This article first appeared in Volume 7, Issue 01 of `The Social Security and Medicare Advisor` newsletter (January/February 2002). To receive future editions of `The Advisor` in its special, free e-mail version, please click here.
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