The Tax Man Cometh : One-Stop Guide To Income Tax Resources.
It's that time of year again: settle up with Uncle Sam, and either enjoy
your income tax refund, or grit your teeth and pony up the amount due.
The Internet has all the resources you need to prepare your state and
federal income tax returns, ensure that you don't pay a penny more than
necessary, and get your refund as quickly as possible.
In addition to the State and Federal tax links in this
article, there are several excellent sites that will help you
maximize your tax savings. Worldwide Web Tax, an online tax
filing service, has compiled a comprehensive income tax
directory. Here you'll find answers to nearly any income tax
question, written in plain English. Quicken also offers
timely tax advice and information on deductions, IRAs, tax
rates and rules. 1040.com offers articles on itemized
deductions, students and taxes, 2005 tax law changes,
Frequently Asked Questions (FAQs), and more. Microsoft's
Money Central also provides information on deductions,
extensions, tax preparation, property taxes, retirement, self
employment, and other tax-related
subjects, and Smart Money includes a wide range of tax
articles for those with more complex tax situations (investments, nanny
tax, self-employment taxes, stock options, vacation homes, moving
expenses, college tax breaks, etc.).
To find out whether you should hire a professional to prepare your return
or do it yourself, take Money Central's Tax IQ Test. If you decide to do
it yourself, you can purchase excellent, easy-to-use tax preparation
software such as Intuit's Turbo Tax (my personal favorite), for $20 to $50
at Staples (with rebates) or other office supply stores, or online. Turbo
Tax uses an interview format to obtain the necessary information from you,
does all the calculations and forms preparation, and even offers advice on
reducing your taxes. You can then file your return electronically or print
the forms out and mail them. See my review of Turbo Tax Deluxe.
If you decide to leave the preparation of your tax returns to the experts,
check out Yahoo's list of Tax Preparers (enter your city and State).
If you received a large refund this year, you may want to adjust your
withholding so you can receive this money in your paycheck each week
instead of lending it to the government throughout the year. If you had to
write a check for taxes due with your return, you should definitely review
your W-4 and make adjustments so this doesn't happen next year. The IRS'
W-4 Calculator will help you determine how many exemptions you should be
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