Chapter 46

Filing Your Return

Whether you prepare your return yourself or retain a professional preparer, you must first collect and organize your tax records. You cannot prepare your return unless you get your personal tax data in order. Good records will help you figure your income and deductions and will serve as a written record to present to the IRS in the event that you are audited.

Review income statements from banks, employers, brokers, and governmental agencies on their respective Forms 1099. Check for miscalculations, additions, and omissions.

Survey Chapters 12–21 of this book for deductions you can claim directly from gross income and itemized deductions you can claim on Schedule A of Form 1040.

Reviewing your tax return from prior years will help refresh your memory as to how you handled income and expenses in prior years. This review will also remind you of deductions, carryover losses, and other items you might otherwise have overlooked that you might be eligible for. If your prior year returns were prepared by a professional, he or she can probably provide you with a copy of your returns if you do not have them. Otherwise, you may obtain copies of prior year tax returns by filing Form 4506 with the IRS and paying a fee.

In this chapter you will find a checklist of steps to take when preparing and checking your return. If you need an extension to file, see 46.3.

46.1 Keeping Tax Records

46.2 Getting Ready To File Your Return

46.3 Applying for an Extension

46.4 Getting Your Refund

46.5 Paying Taxes Due

46.6 Electronic Filing

46.7 Notify the IRS of Address Changes

46.8 Interest on Tax Underpayments

46.9 Tax Penalties for Late Filing and Late Payment