National Association of Black Accountants (NABA) Nashville Chapter Tax Tips

There are seven easy ways to get a good jump on your taxes long before the April 15 deadline rolls around:

1. Gather your records in advance. Make sure you have all the records you need, including W-2s and 1099s. Don't forget to save a copy for your files.
   
   
2. Get the right forms. They're available around the clock on IRS web site (www.IRS.gov) click on the Forms and Publications section.
   
   
3. Take your time. Don't forget to leave room for a coffee break when filling out your tax return. Rushing can mean making a mistake - and that can be expensive!
   
   
4. Double-check your math and Social Security number. These are among the most common errors on tax returns. Taking care on these reduces your chances of hearing from the IRS.
   
   
5. Get the fastest refund. When you file early, you get your refund faster. Using e-filing with direct deposit gets you a refund in half the time as paper filing.
   
   
6. E-filing is easy. E-filing catches math problems, provides confirmation your return has been received and gives you a faster refund.
   
   
7. Don't panic. If you have a problem or a question, remember the IRS is there to help. Try www.IRS.gov or call the toll-free customer service number at 1-800-829-1040.

If you qualify, there is also help available at the various Volunteer Income Tax Assistance (VITA) sites through out Davidson County and surrounding counties. VITA volunteers are trained to help with the simple individual tax returns. Sorry, no complex individual or business tax return help is available through VITA.

Starting with 2004 tax year small businesses may file their business tax returns electronically.

The IRS offers business taxpayers a variety of paperless methods for electronically filing their business returns. Business taxpayers can electronically file the following forms:

• Form 990/990EZ, "Return of Organization Exempt From Income Tax;"
  
  
• Form 1041, "U.S. Income Tax Return of Estates and Trusts;"
  
  
• Form 1065, "U.S. Return of Partnership Income;"
  
  
• Form 1120/1120S, "U.S. Corporation Income Tax Return/U.S. Income Tax Return for an S Corporation;" and
  
  
• Forms 1042S, 1098, 1099, 5498, 8027, W-2G, and QWF, "Information Returns."

Any way you choose to file electronically will result in faster, paperless processing with fewer errors.

During the month of February NABA volunteers will be working each Saturday at the 100 Oaks VITA site.

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