10 Tips on Filing Your Taxes

The Internal Revenue Service on Tuesday announced a three-day filing extension for all taxpayers in 2011 due to a District of Columbia holiday—Emancipation Day—falling on April 15.

Taxpayers will have until Monday, April 18 to submit their federal and state taxes. Those who request extensions will have until Oct. 17 to file. This year, however, a number of people—such as those who itemize deductions—will have to wait until mid-February to file because of the end-of-year federal tax law changes.

The IRS has offered its top 10 tax tips, which should give taxpayers something to do during the wait.

1. Start gathering your records. Collect documents, forms, receipts, canceled checks and other supporting information for income and deductions.
2. Keep an eye out for W-2s and 1099s. Employers should be mailling these out soon. If you've switched jobs and moved in the past year, past employers should have asked for a forwarding address for your W-2. If you don't remember having that conversation, be sure to call those employers to make sure they have the correct address for you.
3. Use Free File. Visit www.irs.gov to find free tax preparation and filing options. People who made $58,000 or less in 2010 qualify for free tax software offered through partnerships with manufacturers. There are also Free File Fillable Forms for taxpayers who earned more or want to do the legwork themselves.
4. Try IRS e-file. In the 2010 tax season, 70 percent of taxpayers—99 million people—used IRS e-file. Starting this year, many tax preparers will be required to use this option. If you e-file with direct deposit, you can receive your refund in as few as 10 days.
5. Explore filing options. There are many ways to get your taxes to the IRS, from sending them yourself to hiring a tax preparer to getting free help in-person at a volunteer site. 
6. Consider direct deposit. Choosing this option instead of having a check mailed to you can help you get your refund faster.
7. Visit the IRS website. Sometimes it's best to go directly to the source. Forms, tutorials and easy-to-understand explanations of deductions are available at www.irs.gov.
8. Remember this number: 17. IRS Publication 17, Your Federal Income Tax, will tell you what you'll need to know when filing your return.
9. Review and don't rush. Mistakes can delay the processing of your return so double check Social Security numbers and math calculations, which are the sources of the most common errors made by taxpayers.
10. Don't panic. If you need help, call the IRS toll-free at 800-829-1040 or visit www.irs.gov.