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8 ways to make tax season more tolerable
Go digital: Save time by automating your tax preparation and filing. Intuit, the maker of TurboTax, the best-selling tax-preparation software, says its average user will be done in about two hours—the average is four hours. Taxpayers in 37 states and the District of Columbia can file their federal and state returns in one transmission to the IRS. Plus check out the Free File section of the IRS website.Start early: Even if you're organized, one or two pieces of paper, such as an earnings statement mistaken for junk mail or a misfiled receipt, may have gone astray. Or you may have questions for a tax professional or the IRS. Build in at least two weeks to accommodate those possibilities.
Organize paperwork: Tax preparers and accountants say that disorganized receipts and tax forms cost their clients money. Get an accordion folder and use each section to store documents for a different category, such as, charitable contributions, W-2 forms, Form 1099s, consulting and freelance work, business and job expenses, and income and expenses from rental properties. IRS Publication 552, Record keeping for Individuals (PDF) outlines what you should keep and for how long.