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5 Ways Can Help With Your Income Taxes

Updated on August 10, 2009

1. Download Free Tax Forms and Instructions

Many people visit the web site every year to download free federal tax forms and instructions. The IRS offers the most requested forms, such as the 1040 form, in the upper left hand corner of the homepage, and other forms are easily available in a pdf format that can be filled out on your computer and printed from your home computer. Employers can also order printed forms online, such as W-2 forms, and have them sent via US mail.

2. Find a Free e-File Service

Free File is an online partnership between the IRS and a variety of software companies to help you complete your tax returns and submit them online at no cost. Yes, free! The program debuted in 2003, and nearly 20 million taxpayers have taken advantage of it since then. It's available to anyone who meets certain income requirements and starts their search for an e-file service at the government homepage.

3. Send Your Direct Deposit to Multiple Accounts

Taxpayers who are getting a refund from the IRS now have the option of having that refund direct deposited into multiple accounts. So if you want some money sent to your checking account to pay for your mortgage and some sent to your savings to plan for a vacation, now you can do that. You simply need to fill out Form 8888 Direct Deposit of Refund to More Than One Account, which is available on the website and includes instructions printed on the bottom of the form.

4. Track Your Refund

Now you've found your Free File provider, completed your taxes, asked the IRS to direct deposit your refund into multiple accounts, and you're wondering, "Where's my money?" can tell you. From the homepage, click the "Where's My Refund?" link to start the process of tracking the status of your refund. This service is available whether you filed by mail or online, and is generally accessible 72 hours after you e-file your return or three to four weeks after you file a paper return. You'll need your Social Security number, filing status and exact refund amount to use the service.

5. Calculate Your Tax Withholding For Next Year

No one likes to have more money taken out of their paycheck than is necessary, or to have too little taken out and wind up with a big tax bill at the end of the year. If you need to adjust your withholdings, the IRS Withholding Calculator can help. Simply follow the online instructions and the IRS can help you find the right withholding amounts, which you can use to submit a new W-4 form to your employer. It's especially useful if you're getting a large refund and would prefer to keep some of that money in your pocket throughout the year, got shocked by a large payment to the IRS, or are planning a major life change such as buying a home or having a baby in the upcoming year,

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    • Perspycacious profile image

      Demas W Jasper 5 years ago from Today's America and The World Beyond

      Did nobody find it meaningful to comment on your effort to be helpful? It must be the chosen topic that just didn't get it in front of enough Hubbers. This was useful and interesting though no one voted, or Commented. Shame on us! Nobody even wants to think about taxes, even when someone writes a good Hub to be helpful.