Tax Tips - Get Your Paperwork Together

JONESBORO (KAIT) - The deadline to file your state and local income taxes is [now a few days away!] two months away.

Do you have your paperwork together?

Here are some tips to make the filing process easier and perhaps more profitable.

With tax day looming on the horizon, now is a good time to start getting your paperwork together.  You need to start with the basics.

Pete Harmon, Owner, Liberty Tax Service, Jonesboro, "What we would like everyone to have is a drivers liscense, social security card when they come in for themselves and their spouse if they have one and definitely for any dependens they may have."

Next to ID knowing and having proof of all income is #1.

Harmon, "Always you need the w-2's and then after that any 1099's any other type of earnings you have information on. Your wages and tips if possibly almost anyway that you received money from someone or some entity is considered or possibly could be considered wages."

Interest whether paid or received is taxable and should be documented.

Harmon, "Anything you might have received interest including Christmas club type accounts or saving accounts or stock entitlements or anything you made you some money as far as interest or dividends needs to be reported."

Did you give to charity? Other possible deductions? Bring it all in

Harmon, "We'll help you wade through those and give you the right answers. It depends on the situation of that individual or family whether they are going to be able to take some of those deductions you're talking about. "

Now you have filed. When can you get your refund?

Harmon, "We have a refund transfer and basically what that does is it'll deposit it into your bank account and or we can print the check here for you, that usually takes eight to fifteen days."

There are other faster refund ways that Liberty and most tax offices offer but they generally are loans against your refund.

The big word in America is the economic stimulus package. But there are conditions you must meet this year if you want to cash in on some of those checks.

Harmon, "You need to file your 2007 taxes to be even considered for the stimulus program. What that means is anybody who has qualifying income of three thousand dollars or more needs to file."

Get your paperwork together. It's almost tax time

For complete tax information and the new incentive program you can click on the links with this story.