This tips from TurboTax are good basic tips for filing taxes, but make sure to review any possible tax deductions.
File Your Taxes and Pay On Time
Complete all of the work yet to be completed from the 2011 tax year before filing 2012. April 17th is the last day to file taxes.
Double-Check Your Income Tax Withholding
If you’re not withholding enough money from your paycheck, then it’s almost a guarantee that you’ll owe on your tax return instead of receiving a tax refund. The Employee’s Withholding Allowance Certificate (Form W-4) will allow you change your withholding amount by changing your claimed tax exemptions.
Prepare, Organize, and Keep Excellent Records
Nothing will help you stay on top of your taxes better than developing an excellent strategy of preparation, organization, and record keeping. It may sound dull, but the benefits can save you a bundle of money.
Don’t Overpay for Unnecessary Tax Preparation
You may think your taxes are complex and find it necessary to go to a tax store to prepare your taxes, but you don’t have to overpay to have your taxes prepared. Tax software like TurboTax makes tax preparation easy with step-by-step guidance.
Make Estimated Payments
For the self-employed, making estimated tax payments is a very smart way to stay ahead of the tax game. And, if your income is high enough, the IRS can even require estimated payments to be made. Instructions about estimated payments can be found on Form 1040-ES.
Regularly Contribute and Donate
If you have an IRA, 401k, 529 plan, or any other savings/investment accounts, be sure to find out what the maximum yearly contribution limits are and develop a monthly deposit plan to ensure that you can maximize the benefits of those accounts.
Also, consider giving to charity on a more regular basis. Many people/businesses wait until the end of the year to make charitable contributions