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Tips for Preparing Your Taxes
Preparing your taxes can be a scary situation.
Dealing with the IRS can turn out both positive and negative for people getting ready for their refund. One way to stop any issue is to gather all important information before heading out to an accountant.
"Their W2s from their employers, their bank statements," Kevin Richards, the Illinois Department of Revenue's electronic commerce division manager, said. "If they own a home, the property taxes that they pay, those are all important documents you want to make sure you have."
Since the end of January, 1.5 million Illinois residents have filed their taxes. For the rest of us, choosing which way to file can be difficult.
"Go to a reputable firm or a reputable preparer," Richards said. "You want to make sure you know upfront what they are going to charge to prepare your taxes."
Finding out fees could save you money and a headache in the long run. Dealing with certain tax firms could also have its benefits.
"It has a lot to do with creditability," Liberty Tax Service franchisee Chris Beckett said. "They want to go somewhere that's been around for a while. They want the notoriety of who that organization is and what they stand for."
Beckett franchises eight Liberty Tax Service locations throughout central Illinois. He said people come into his stores all the time, making sure they are getting the most out of their refunds.
"There's no extra cost for some type of insurance fee," Beckett said. "We provide audit protection. We'll assist the customer through the audit process if they are ever audited."
If going to a tax preparer is not for you, most popular companies have computer software that will let you do it yourself.
The Department of Revenue's website also has tips that can save you money.