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A filing system only works if everyone knows how it organized and knows what to do when putting files in the filing system.
This entry was posted in Administrative Support, Filing Systems, Office, Office Organization and tagged Files, Files systems, Office Procedures, Small business, Tips.
Taxes A» Tax Filing A» 6 Tips On Filing Taxes For The First TimeFiling a tax return can be daunting for even the most experienced taxpayer. Our tax expert Kay Bell provides resourceful tips and advice to help you stay prepared for filing.
By not filing your tax return, you risk having the IRS prepare a substitute return for you. You can request an automatic 6-month tax extension by filing IRS Form 4868 (and paying any tax due) by the original deadline, April 15. If you fail to file on time, a Late Filing Penalty will be charged at a rate of 5% of the unpaid tax. It may be possible for you to convince the IRS to reduce or waive a penalty, for either late filing or late payment, by showing you had reasonable cause for missing the deadline.
You can find papers easier and save time looking for them.  To keep effective filing systems in your office, try these tasks. By purging every year to make room in the files, it will not only help your filing system stay current but it will also make your system more refined with what is going on that current year. Write down the exact instructions for your filing system as a reference to others.  Hang it near your filing cabinet so everyone can refer to it.

Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on certain links posted on this website. For example, copies of filed tax returns must be submitted to buy or refinance a home, acquire a business loan, or apply for Federal student aid. It is charged for each month, or part of a month, that the tax goes unpaid — up to a maximum penalty of 25% of your unpaid taxes. For instance, you must be able to prove that bad health, a family emergency, or a natural disaster prevented you from filing your taxes on time. If you have several filing cabinets, make a map of the filing cabinets and label on the map what is in each drawer.  As a result, co-workers do not have to ask you where files are in the filing system.
While taxes can be overwhelming, there are some steps a novice taxpayer can take to successfully make it through the first filing season.
In cases where one or more tax returns are past due, the IRS will hold onto the refunds until the late return(s) are filed, or until you provide an acceptable reason for not filing on time.
If you can show reasonable cause for not paying on time, the late payment penalty may be waived.
Attach a statement to your tax return (IRS Form 1040) fully explaining the reason you failed to pay.
Such claim conflicts are common in families where college kids work enough to be required to file a Form 1040.Tax rules say, however, that when a taxpayer is a dependent of another filer or simply could be claimed as a dependent, that taxpayer isn't allowed to claim a personal exemption on his or her own return.

This form details how much you made, along with how much federal and state income tax and Social Security and Medicare payroll taxes were withheld.If you worked as an independent contractor, you'll get a 1099-MISC from each job. Chances are your parents could benefit most for these education tax breaks, and if they're helping you pay for college, it would be nice if you let them get first dibs.3. No taxes were withheld, meaning you'll need to figure your income taxes that are due, as well as any possible self-employment tax.Tax preparers say it's not uncommon for new taxpayers to show up at their offices unsure about what to do with their W-2s or 1099s. Take the time to check out potential tax preparers thoroughly.Inexperienced filers often are easy targets for tax con artists.
To protect yourself from such scams, avoid tax preparers who base their fees on how large of a refund they can get for you.If cost is a concern, you might be able to file for free through the Free File program.
You may be able to claim this credit if you paid a provider to care for a dependent while you worked or hunted for a job.Job search expenses.
The IRS allows deductions for costs such as travel and resume printing.Earned income tax credit. If you're still awaiting data as the filing deadline nears, ask the IRS for more time.All you have to do is complete Form 4868. 15, to finish your filing paperwork.You must, however, pay any tax amount that you think you will owe when you submit Form 4868 by April 15.

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