Alright, it is January 18th and many of you are anxious and itching to file your taxes because that is like an instant payday.  OKAY PEOPLE CALM DOWN!!!!  I have to tell you I used to work for the IRS as a CSR (Customer Service Rep) during tax time...so let me give you a few tips!

1.  Don't file too fast! Many of you have gotten your W2 and you only worked at one place and you want to go ahead and file...whoaaaaaa nelly!!!!  Do you really have all the documents you need to file?  You need to really think about what assets/liabilities you have and ensure you properly account for them in all the places on your tax form.  You'd hate to receive your refund and then have to pay back money or amend your return because you omitted something in error.  By law, all tax documents should be mailed by Jan 31st...so at least wait until Feb 5th. to ensure you have what you need.

2.  Don't go to these fast cash preparers (i.e., Anticipation loans)!!!  By going to these places you are essentially taking out a loan on your own money!  Did you know by filing electronically you can get your money in as quickly as 7 days?!?!  Why pay someone to do the same thing that you can do for free?  Just go directly to the source to <a href="https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp" target="_blank">get the status of your refund</a>.

3.  Don't claim people you aren't allowed to claim - if you have a person that may be claimable by someone else you need to ensure you can claim them before you put them on your taxes.  Just because they live with you during the year does not mean you can claim them.  It's based on five tests:  Relationship, age, residency, support and joint return and the answers aren't necessarily what you may think.  Divorce decrees and/or written declarations can also change the rules.  Chapter 3 of <a title="Publication 17" href="http://www.irs.gov/pub/irs-pdf/p17.pdf" target="_blank">IRS Publication 17</a> details this out.  If all else fails call and ask a CSR <a href="http://www.irs.gov/help/article/0,,id=96730,00.html">http://www.irs.gov/help/article/0,,id=96730,00.html</a>, but be honest in your responses so they can give you the real answer.  Claiming someone on your taxes that someone else should claim will only delay your refund or cause you to owe money back.

4.  <a title="Link to Help for Taxes" href="http://www.irs.gov/individuals/article/0,,id=107626,00.html" target="_blank">Help preparing your taxes</a> - for those who make $54,000 or less you can receive free help at a <a href="http://irs.treasury.gov/freetaxprep/" target="_blank">VITA site</a>.  Those over the age of 60 can participate in the Tax Counseling for the elderly program and there is something a few other specific groups as well.  For everyone else don't be afraid to call the 1-800 help line to get assistance.  Also, use <a title="Publication 17" href="http://www.irs.gov/pub/irs-pdf/p17.pdf" target="_blank">IRS Publication 17 </a>to assist you in preparing your taxes.

5.  Use the free online filing options offered to you by the IRS.  You should use the <a title="E-File Through IRS" href="https://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free" target="_blank">IRS Free File links</a> to obtain the offer.  Many "other" sites have tricky extras that end up costing you when using their links.

6.  Make sure you are applying all your deductions and credits.  There are many out there that people miss because they don't educate themselves.  It doesn't take an extremely long time...empower yourself!

7.  Get a physical/downloaded copy of <a title="Publication 17" href="http://www.irs.gov/pub/irs-pdf/p17.pdf" target="_blank">IRS Publication 17</a>.  It explains most of the scenarios you will need to have covered.  If when reading it refers to another publication, just get it/download it from the website, they are all there.

8.  Keep good records! - You always want to make sure you have records of anything you plan on claiming...or have a way of proving it if you are ever audited.

9.  Know what changed in your tax year - With all the natural disasters, job loss and home loss there were tons of credits and changes applied to our taxes.  Please educate yourselves so you don't miss out or make a mistake when it comes to <a href="https://www.irs.gov/Credits-&amp;-Deductions" target="_blank">credits and deductions</a>.

10.  Don't miss the deadline!!! - Whatever you do, do not miss the April 15th deadline if you owe!  File an extension, but don't just try to ignore it as though it's going to go away because it is not and all that is going to happen is interest and penalties will continue to add up (these are calculated daily!).   If it is just a matter of you don't have the money, it's okay!!!  Just call and tell them you want to make an arrangement to pay.  They will set you up on a payment plan that works for your budget...no matter the amount.