Tax Your Brain for Max Rewards

Do you think tax prep guys feel let down when their season is over? I mean, their offices are so crowded and they’re so popular, then … nothing.
Even if “you’ve got people,” admit it. You're way too pretty for that party. And too smart, too.
They might be human calculators with office cubes and refund guarantees but you’re just as powerful. With a few hours of commitment and some confidence, you can do your own taxes. Even if you go to a company or an accountant, they likely will file online on your behalf, anyway. Might as well save some money and cut out the middleman.
Filing taxes online is easy and offers many advantages – the most rewarding that you get your refund faster. And who doesn’t want a chunk of their hard-earned money back right this minute – before it’s handed away as part of the zillion-dollar stimulus package? Then don't put it off any longer.
Before you begin, gather all the documentation you’ll need. This includes:
W-2s, 1099s, Social Security statements, IRA and brokerage statements, records of mortgage interest paid, income and expenses paid for rental properties, as well as other income such as alimony received. You also will need proof of educational expenses (including interest paid on school loans). If you’re self-employed, you will need receipts of income and expenses. To take deductions, you will need proof of child care expenses, health care and dental receipts, moving expenses and charity donation receipts.
As you start the process, take it step by step, box by box – even if you don’t think a particular scenario applies to your situation. You might be surprised by an extra deduction or two. If you didn’t realize that you qualified for a deduction, don’t forget that you have three years to file for back payment, and get an even bigger refund. Just add an amendment for the year(s) in question to this year’s return.
If it happens that you owe Uncle Sam at the end of the road (and I truly hope this is not the case), there are a number of options for paying. You can pony up by credit card, you can set up a payment plan on the IRS web site (http://www.irs.gov), or you can request a hardship forbearance (which plenty of people will be doing this year, given the vast reach of our country’s economic breakdown). Interest and fees will accrue but until your financial picture does not require every cent you have, at least you’ll have a little peace of mind.
If you can’t quite get your act together in time for the April 15 deadline, you can file for an extension by downloading Form 4868. This is especially important if you think you owe.
Don’t forget to print your forms for your records when you’re done.
Then, when you've accomplished this amazing feat of math and perserverence, throw yourself a death-and-taxes bash with the money you saved. You don't even have to invite your accountant. Though it might be nice – he's probably feeling a little lonely.