Monday, January 26, 2009

Tax Return Filing 101

So, this week, I have been especially excited for one thing: tax returns are going to be postmarked on Friday! Which means, this time next week, we will have W-2's collect on! Yippee!

Now, usually, every year, I have my return sent home and my mother has it filed through her accountant. Her accountant, however, has higher and higher fees every year. I decided that this year, since it's going to be a year of big steps anyway, to go out on a limb and file my own tax return. I have been doing some investigative work and have decided to go on and file online and ask for a direct deposit, which makes for a faster return.

The IRS provides a list of reputable tax filing web sites , in addition to FAQ's for first time tax filers.

One thing to remember: If you made over $3300 last year and cannot be claimed as a dependent by someone else, then you must file taxes. On that note, here is a list of 10 overlooked tax breaks that can be included.

If you are wary about going it alone, you can always search for a CPA (certified public accountant) to file your taxes for you. Just be prepared for the additional fees.

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