March 8, 2012
Dreadful as it may seem, just around the corner is the tax filing deadlines. Here is a quick burst of information, helpful tips, tools and resources to help you with effective and efficient tax filing.
Tax Preparation and Filing Tips
- Take advantage of current year tax savings initiatives; regulations and rules tend to vary on a year by year basis
- File on time to avoid any late submission penalties
- Pay your taxes due immediately to avoid interest penalties
- If you can’t pay the full amount, make arrangements with your local tax filing office for installment payments, deferred payments, etc; the more you keep them informed, the more information and tools they may have to help you through the process
- Throughout the whole business year, keep accurate track of your expenditures, and be prepared to back any claims with detailed records
- Be open, fair and transparent about all information and claims in your tax filing
- Follow the rules and regulations of each taxing authority
- Tax filing may be difficult for some business, corporate or other type of entities; acquire the services of an accountant to assist you in preparation of your tax return
- Several tax preparation & filing software packages exist that are user friendly, have easy to follow manuals, and have features such as electronic online submissions
Websites with Useful Tax Preparation & Filing Information
Here are some of the websites that provide some information on taxes. Many more exist out there too, so it is worthy to do some further research.
- IRS http://www.irs.gov/newsroom/content/0,,id=104608,00.html
- US tax tips http://www.ustaxtips.net/
- H&R Block http://hrblock.com
- About.com http://taxes.about.com/
- Year end tax tips http://taxes.about.com/od/taxplanning/qt/year_end_tips.htm
- Small Business Tax http://www.small-businessadvice.com/small-business-tax-filing-tips-for-2012
Tax Preparation and Filing Software Packages
Here are a couple of options for tax preparation software packages, with many more out there for you to choose from.
- Turbo Tax http://turbotax.intuit.com/ (US)
- Turbo Tax http://turbotax.intuit.ca/tax-software/index.jsp (Canada)
- H&R Block at Home http://hrblock.com (US) http://hrblock.ca (Canada)
Whatever method you use to file your taxes, ensure you submit on a timely basis and that your submission is fair and consistent with taxation authorities and those regulations. You will feel more at ease if you have kept good records and can back any claim if an auditor comes knocking and asking.
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