Tax ReturnS CHECKLIST
Our Tax Returns checklist can be your personal guide to compiling and organizing your tax documents. It can save you time and remind you which tax documents you've gathered throughout the year.
A printer friendly version is available here for your convenience.
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IRS E-FILINg
E-File Your Tax Return for FREE with paid federal and state processing and get a faster Refund! As an authorized IRS e-file tax provider, we allow you to prepare and file your federal and state tax returns (where applicable) electronically at no extra charge.
E-filing stands for electronic filing. It is a method of transmitting your tax return information directly to the IRS electronically. E-filing is a fast, convenient and accurate way to file your taxes directly with the IRS via the Internet. Millions of taxpayers take advantage of this convenient free tax e-file service every year; in 2004 60 million returns were e-filed.
Enjoy the benefits that come with filing tax returns electronically - from quicker refunds to having your refund deposited directly into your checking or savings account. In addition, when you e-file with us, you’ll be able to check the status online to make sure the IRS and/or state taxing agency has received it using the IRS’ Where's My Refund? tool. You will need to enter your social security number, filing status, and the exact refund amount shown on your completed return. For information regarding anticipated refund dates with e file taxes, see IRS Publication 2043, IRS e-file 2005 Refund Cycle Chart.
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tax saving strategies
There are numerous tax planning strategies available to both businesses and individuals to save on your taxes. Work with GTS to examine your finances, do some tax planning and then reap the benefits come next April 15. Some simple but effective tax saving strategies include:
- Reducing the amount of your taxable income
- Investing in your retirement with your employer or by contributing to a tax deductable IRA contribution
- Participating in your employee benefit plan
- Maximizing the benefits of your tax deductions
- Looking for tax oportunities in your investment portfolio
Call GTS and schedule an appointment today to discuss optimal tax saving strategies that are right for you.
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KEEPING GOOD RECORDS
Everyone who pays taxes are required to keep accurate, permanent books and records so they can determine the various types of income, expenses, gains, losses and other items that affect their income tax liability. You should retain the basic records showing the sources of all income you receive, including W-2 forms, 1099 and 1098 forms and year-end comprehensive statements from financial institutions.
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TAX CALENDAR
This tax calendar has the due dates for the current year that most taxpayers will need. The calendar is designed primarily for employers, however it has important due dates for all types of businesses and for individuals, including specific due dates for the following:
- Filing tax forms.
- Paying taxes.
- Taking other actions required by federal tax law.
What are the advantages of using the tax calendar?
- You do not need to figure the dates yourself.
- You can file timely and avoid penalties.
- You do not have to adjust the due dates for Saturdays, Sundays, and legal holidays.
Visit the IRS' Tax Calendar here.
