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Tax Time: Make It Fun, Make It Easy
by Alice Held
The lovable folks at the IRS have created The Digital Daily, a comprehensive and catchy site that includes plenty of tax information and advice. In all, the IRS has hundreds of tax forms and publications available for downloading. Its website also includes summaries of the latest tax rule changes, information about 150 different tax topics and even a handy address list of where you should file - just in case you've recently moved, or just forgotten. The resources on the web for taxpayers doesn't stop at the IRS site. Scores of tax consultants, professional tax preparers, accounting firms, CPAs, lawyers and laymen are eager to help out on line. The hundreds of websites won't take the sting out of signing that check over to the IRS, but they can at least give you tips on how to reduce your tax burden, lists of common tax errors to avoid, and places on the web to pose tax questions. Most taxophobes will find helpful information in Roger A. Kahan's tax column. Income Tax Resources on the Internet links to dozens of other tax related web pages. Ernst & Young LLP, one of the Big Six firms in the accounting industry, provides a list of the 25 most common tax preparation errors, 50 overlooked tax deductions, and 10 smart tax planning tips. And lest you think taxes are no laughing matter, Ernest & Young have some 'toons for you to change your thinking. The 'Net doesn't stop at federal tax information. If you're looking for state tax information, the Tax Sites Directory is an excellent resource. Hunting for forms to satisfy the IRS doesn't have to be taxing. The Scottsdale Public Library's Pegasus website has a variety of state and federal tax forms available for printing. CompuCraft's Find a Tax Preparer website can lead you to a qualified preparer. Type your Area Code or ZIP code and state into its database and you'll get a list of tax preparers in your area - some with an e-mail address. Microsoft offers this omnibus tax site. There's editorial on every conceivable tax topic and tons of other resourses, like how to file for an extension or what to do if you can't pay. Questions about forms, deductions or other tax issues? The Armchair Millionaire Tax Center will help you find the answers. For those looking for tax tips from a well-known source, the venerable H&R Block chain of tax preparers also has a virtual tax office, where you can find a local office and loads of free advice. Electronic filing - Close, but no cigar... The good news is that tax returns can now be filed electronically. This speeds up your tax refund and deposits the check directly into your bank account. The bad news? Leave it to the federal government to make filing by computer more cumbersome and costly than tossing it into the mailbox. You still have to mail in your W-2 forms and a one-page signature document called Form B453-OL. Plus, you have to shell out money for tax preparation software. If you still want to try filing your taxes electronically, check out the IRS On-Line Filing Fact Street. For helpful online good advice and tips, check out 1040.com. Smart Money's Tax Guide features a tool that will help you calculate your taxes on Stock and Mutual Fund sales and what to do if you've lost your statements: For a plethora of tax guides, links, and Q&As, NetGuide has the lists for getting started, filing electronically, tax preparation services, tax advice, and personal tax software, all listed by category. Whiz through last-minute number crunching or figure out how to spend your refund with four hot calculator downloads from ZDNet. Now you're ready to get a jump start on tax planning for next year, right? Deloitte & Touche will help you plan your strategies with timing your deductions, and covers prepaid interest, mortgage points paid and medical expenses. Merrill Lynch's Personal Finance Investor Learning Center also offers strategies to help you save money, invest, and conduct many other financial transactions: Find out if you're Audit Bait! When the Internal Revenue Service goes fishing for tax returns to audit this year, will it catch yours? Use this interactive worksheet to find out - then see their advice on how to avoid getting hooked. Digital Records and the IRS: Are You On Thin Ice? You've probably just received all your tax papers and are starting to dread another tax season. Maybe your travel & entertainment records are stored on a palm-size computer. What happens in an audit when all you have to show is a bunch of bits? And if all this gives you a headache, The National Headache Foundation has a great site. Published: March 23, 1999 Use of this article without permission is a violation of federal copyright laws. Editor's Note: This article reflects the opinions of Alice Held only and not necessarily the views of this or any other publication, organization or Website owner. |
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