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Tax time for DIY filers
2/25/2014Time to stop putting off digging into that box of receipts or locating the file with all of your W-2s.
Whether you are a newbie or old-hand, here are some things to keep in mind when doing your own taxes.  |
Organize first
Gathering all the documents and information you need before you start filling out the tax forms will save a lot of time. You don’t have to have neat piles with a color-coded filing system. You just want it all within reach while you work. It’s also good to make sure all your household information is correct and up-to-date beforehand. For example, double-check Social Security or tax ID numbers. Verify bank routing numbers; some financial institutions use a specific number depending on the type of transaction.
Check EITC eligibility
Taking a few extra steps to see whether you can claim the Earned Income Tax Credit could pay off. The credit is available for families and individual filers. Reports say that one in five Americans is unaware that the filer qualifies for the EITC.
Ways to find out:
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@2005, Melissa King; provided by Fotolia |
Protect yourself
You might feel secure that your refund can’t be stolen because you’re doing your own taxes. But remember, identity theft is a big problem around tax time. So, it’s crucial to understand how your information is being handled. Try to have an idea of what safety protocols are in place when sharing information, both online and with a tax preparer.
More safety tips:
- GII Blog: "Tax season can also mean tax identity theft"
- IRS tracks latest tax scams
Options available
You should choose to file your taxes in the way that you feel most comfortable.
Paid preparers can provide needed expertise especially with complicated returns. Make sure to pick a reputable and (preferably) licensed tax preparer.
Tax software guides you through a return and the better ones check for credits, deductions and errors.
Filing online can be less expensive and even free. And you don’t have to go it entirely alone. Organizations offer free tax prep to filers who meet certain requirements.
- Find a nearby VITA Site
- This tax year, Goodwill is again offering free filing at MyFreeTaxes.com for filers with adjusted gross income up to $58,000. Users can get help through the toll-free MyFreeTaxes Helpline (1-855-698-9435), 8 a.m.-10 p.m. Monday-Saturday. The service is through a partnership of Goodwill Industries International, National Disability Institute and United Way sponsored by the Walmart Foundation.
Updated: 2.26.14 8:49 a.m.
