The Taxes Support Center

Every person is unique, but when you face a challenge like dealing with taxes, you are never alone. Countless men and women face the exact same experience each year. The following guide is designed to help you navigate your journey with the best information and resources that helped other survivors when they faced the same challenge. 

TSC has scoured the Internet and assembled links to the very best tax resources: articles, blogs, forums and tools that can help you make better decisions and take action to overcome the range of financial challenges that you face.

As you’ll see, we always welcome your ideas and suggestions to make this Tax Guide even more helpful to survivors like you.   

JUST FOUND OUT

Survivors Say: Best Resources for Handling Taxes

• Internal Revenue Service The IRS has promised to offer more help for financially distressed taxpayers.
  
•  MSN Money: Tax Center Tax planning, tools and advice in easy-to-understand language.
• 1040.com  Details about tax return information, and what’s new and changing with the tax laws.

The Big Picture

Taxes are due on April 15 for most people. Some self-employed and business owners will pay quarterly, but they still need to reconcile any changes by the April 15 deadline. While it’s possible to get an extension, you will still owe an estimated amount of money, and the IRS will charge penalties if you fail to meet your payment deadlines. Tax preparation is an ongoing thing -- saving and storing all the financial information you'll need to do your tax return will give you a jump start.

MSN Money: What You Really Need To Do Your Taxes 

Your Tax Issues

Sometimes, you may miss deductions that could save you money on your taxes. On the other hand, if you deduct the wrong things, you're a candidate for an IRS audit.

•  Kiplinger's Magazine: The 11 Most Overlooked Tax Deductions
• MSN Money: Tax Deductions That Shout 'Audit Me!'
  

Being able to afford tax payment is a significant problem for many people. An estimated 13 million people face penalties annually for an inability to pay their taxes. But the IRS is now more willing to help.

MarketWatch: TaxWatch - Payment Plans

Your World

If you’re concerned about making mistakes, you may want to consider hiring a tax professional to help. Be sure you do your research before making a commitment.

CNN Money: How to Hire a Tax Pro

Tax Season Myths

• Students don’t have to pay taxes if they’re enrolled full-time.
  
• Paying interest on my mortgage always will reduce my income tax bill. 
  
• Paying taxes is voluntary.
  

Information and Recommended Links for Various Groups 

Survivors say these are more good guides -- read them to learn more about handling your taxes.

• CNNMoney.com: Tax News
  
• Bankrate: Tax News and Advice

Methods to Complete Your Taxes

Do Them Yourself

Although fewer than half of Americans do their taxes themselves, a sizable chunk still sit down with pen and paper and work out what they owe. Learning to do your own taxes will make you more financially savvy, but you may be more likely to make mistakes if you're not prepared. Getting the tools available to help you is the best way to make sure your taxes get done right.

About.com: Taxes - Top 5 Tax Calculators

Tax Preparation Software

TurboTax and Tax Cut are the two most used tax-prep software packages. Regardless of what program you use, make sure it's the right one for you

Bankrate: Getting The Most From Tax Software

Tax Professionals Who Can Help

Many Americans have decided they’ve just had it with trying to do their own tax returns. Instead, they hire a trained professional to complete the needed forms. But there are so many types of tax preparers out there, you need to research which type you need, and then find the best candidate.

• Internal Revenue Service: Tips for Choosing a Tax Preparer
• Bankrate: Tax Preparer Choices
• About.com: Tax Planning - How to Find an Accountant

Communicating with Your Tax Professional

• Bring as much documentation as you can to your initial meeting. It will help your tax professional get a better picture of your financial situation.
• Verify anything your tax professional tells you that seems questionable to you. Even experienced professionals make errors, and the return’s accuracy ultimately is your responsibility. Have the professional redo the numbers, or ask another tax professional for a second opinion.
  
• Ask your tax professional as many questions as you need to help you understand the tax situation you have. Ask for clarification, no matter how small the detail.

Missing the Tax Filing Deadline

Filing your taxes can be stressful. Besides not having the money to pay, you may have waited too long to get everything together, or you have other concerns when it comes time to reconcile with Uncle Sam. In that case, the best option is filing for an extension.

Internal Revenue Service: Extension of Time to File Your Tax Return

Creating a Support Circle

• Set up your TSC Survivor Profile
• Join support groups of other survivors or set up your own
• Interact and provide updates on your profile or our forums

The Emotional Roller Coaster

Most people want to get their taxes out of the way, but they don’t want to put in the time needed to work on those taxes. Instead many people put them off, thinking that they can work on them tomorrow, next weekend, in April. Spend some time educating yourself about tax season so you’re ready, and you'll avoid a great deal of unneeded stress. You can also go to online forums to get information from others who have been in your situation.

• About.com: Reducing Tax Season Stress
• Motley Fool Community Board: Tax Strategies

Books Tax Payers Recommend

• J.K. Lasser’s 1001 Deductions and Tax Breaks 2009: Your Complete Guide to Everything Deductible by Barbara Weltman
  
• The Ernst & Young Tax Guide 2009 by Ernst & Young LLP
  
• Surprisingly Simple: Independent Contractor, Sole Proprietor, and LLC Taxes Explained in 100 Pages or Less by Mike Piper

What Tax Payers Wish They’d Known

Dealing with Tax Season: Information and Recommended Links for Non-Filing Family Members

       

How you can help

• Give the tax filer in your home your full support while he or she is working on taxes. Filling out a tax return can be a tough job, so give your family's designated tax person some space to work.
• Pick up some slack in another area. The IRS estimates that filers spend 14 hours doing their taxes if they do them without professional help. Take out the trash or load the dishwasher a couple of nights in exchange for handling the taxes.
• Be a sounding board if needed. The tax preparer may need to ask questions or read some policies to you. Be sure you listen and offer advice or encouragement when needed.

What to say 

• "I know this is frustrating, but once it’s done, it’s done for a year.”
• "You’re doing a great job! I’m so thankful you’re working on our taxes this year."
• “Please tell me if you need anything from me.”

What not to say

• "If you kept up with your receipts throughout the year, it would be easier." 
• "Look on the bright side. It’s only April 10!"
• "Don't make a mistake. You don't want to get audited."

How to build a support network

• Set up your TSC Co-Survivor Profile
• Create a support group for your friend or family member.
• Interact and provide updates

Once you know what documents you need and what forms you need to fill out, you can begin to daydream about the time after taxes. Just don’t let that keep you from working on them! You’ll need to do your due diligence during tax season to make sure you’re filing properly and to keep from paying too much in taxes.

Dealing With Itemized Deductions

Deductions are important because they reduce your tax burden based on your family size, mortgage interest, investmentsand other factors. Learning how to get the most deductions can help you save significant money.

MSN Money: Get the most out of itemizing on taxes

Some deductions are taken frequently while others are less known. Find out the most overlooked deductions to help you this tax season.

AllFinancialMatters: 50 of the Most Easily Overlooked Tax Deductions

While people who are self-employed have learned how to get the most deductions they can, employees also are entitled to a number of deductions. Find out what deductions you may be eligible for as an employee.

H&R Block: Miscellaneous Deductions

Avoiding an Audit

An IRS audit is a dreaded experience you'll want to avoid. While the chances are low any taxpayer will have one, those who have had one find it a grueling chore. While some are audited as a matter of random luck, others are chosen because of red flags on their tax returns. Learn ways to make sure your return is error-free.

MSN Money: Avoiding a Tax Audit

Audit

Facing an audit is tough. If you find out you’ve been tagged for auditing, there are steps you can take quickly to help you get through the process.

NOLO: Survive an Audit

Should you find yourself facing penalties because of audit results, you can work with the IRS to pay off the debt.

Internal Revenue Service: IRS Notices and Bills, Penalties and Interest Charges