It’s official – tax time is upon us. If you are like many Americans, just the thought of getting organized enough to start the paperwork can be overwhelming.This article
– Prepare for the arrival of your records (designate an envelope or folder to store all of the records you’ll receive in the mail)
– Track down social security numbers (make sure you have the correct SSN’s for everyone in your family)
– Find your forms (if you are not filing electronically, download the necessary forms or pick them up at a post office)
– Decide how you want to do your taxes (Do-it-yourself or hire a pro? Paper and pen or computer software?)
– Consider electronic filing (find out if you qualify for Free File!)
– Use direct deposit (it may not be as exciting as receiving that refund check in the mail, but it’ll save you a trip to the bank!)
– Don’t panic!
I’d like to add my own advice: if you bought or sold a home in 2007, pull out those closing documents and start making copies! You will need to provide proof of your purchase or sale (usually a closing statement will suffice), along with any loans that were taken out or paid off in 2007. If you have lost any of these important documents, contact your Realtor who can help you track them down.