Tips for Preparing Your Tax Return in 2009

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In our second installment of our weekly series, we will be sharing with you what we’ve discovered and learned about the one thing we have to do every year whether you like it or not, taxes.

The first article we published last week  informed us on how to save our house from foreclosure. This week we spent hours searching and reading the ins and outs of our yearly duty. As much as we try not to think about it, we have to exercise our civic duty and deal with it. We work, we died and we pay taxes.

We have until April 15^th to fill our taxes and if you want to avoid stiff penalties, you have to apply for an extension and if you end up owning money to Uncle Sam, you must either pay immediately or request a payment plan.

The Internal Revenue Service today kicked off the 2009 tax filing season by announcing a number of new steps to help financially distressed taxpayers maximize their refunds and speed payments while providing additional help to people struggling to meet their tax obligations.

IRS Commissioner Doug Shulman encouraged taxpayers to take advantage of several new tax credits and deductions this filing season and announced a major enhancement to the Free File program that will allow nearly all taxpayers to e-file for free and accelerate their refunds.

“With so many people facing financial difficulties, we want taxpayers to get all the tax credits they’re entitled to as quickly as they can,” Shulman said. “In addition, we are creating new protections to help people trying to meet their tax obligations. The IRS will do everything it can to help during these tough times.”