File Tax Help

For Tax Season – Filing and Organizing Paperwork

We keep hearing about the Bush-era tax cuts and what it will mean to tax payers come December 31st, 2010. The lame duck session of Congress started on November 15th and the number one issue that needs to be figured out is what to do about all the tax cuts that are set to expire the end of this year. And, that means the IRS cannot even publish this year's 1040 form until such time as Congress has decided what it will do.

All of us have entered into tax season knowing that we really need to get everything together in order to present it to or accountant, but most of the time will really just don't take the time to do the simple things that can get you ahead so you don't lose out on those very needed deductions. In order to have everything ready people should start at the beginning of the new tax year by having things in a place where they can be found. Using these five tips you can present your materials for filing taxes and your accountant will thank you for it.

Find a good location to keep all important paper work for your business in one place. You should make sure that these papers are in a location that only people you trust will have access to.

Both sides have agreed that compromise will be necessary, but we all know how that can go. The Democrats are liable to push even harder, only because their numbers are down and the Republicans, all puffed up with victory will be loathe to give an inch either. It's going to take some really mature people willing to do what is best for the people to come up with a plan that will work for everyone. President Obama wants to preserve the tax cuts for everyone earning less than $250,000, but the Republicans want to make all the tax cuts permanent. The problem is this...if they cannot agree by the deadline, which is December 31st, all the taxes will go up.

Retirees aren't safe from IRS garnishment either. As mentioned above, interest and dividends can be garnished, and even the accounts themselves can be confiscated. But that's not all. Annuities and interest from pensions can be levied and entire retirement accounts can be seized. Even Social Security and Disability Insurance Benefits can be levied by up to 15%.

Find a good account, you can take interviews to find a good account you only need to call and explain that you're looking for and accountant and you were wondering if they would be willing to give you a free interview. These accountants can be very expensive at times and you will also need to ask for a free interview or they will be happy to charge you for their time.

* The Alternative Minimum Tax (AMT) will catch more and more Americans if nothing is done about it. It was originally put into place so that the really rich could not escape paying a tax bill, requiring that taxes be figured two different ways and that taxpayers pay the highest of that tax. The problem is that it was never indexed for inflation, which means that as inflation grows, so do the number of tax payers that will have to pay the AMT. If a patch is not put in place for 2010, some 21 million taxpayers will be stuck paying the AMT. This is not a good thing!

I've used accountants and Tax lawyers and they both were valuable tools for me during the stressful tax seasons of my past. During building a business it can be difficult enough without worrying about filing and keeping up with paper work this is the last thing you need to worry about. Once again keep in mind that I'm not an accountant or tax lawyer only a person who has felt the crouch of tax season before, an if this helps you even a little then that's great! Good Luck and God Bless!

Harris Smith offers advice on home equity line of credit and obtaining credit

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