- Personal Finance
Filing Your 2010 Tax
Anyone that is just about to file a 2010 tax return will be anticipating money that could be headed his or her way. Hurrying to file a 2010 tax return may result in costly mistakes made on tax forms or errors that can result in future tax trouble. A tax audit is something that no one enjoys or expects, but can be a reality with an improperly filed tax return. There are several elements to remember before filing a 2010 tax return.
The first step to a great return is to be sure to claim all of your sources of income throughout the year. This income can come from a variety of sources that pay cash or check like babysitting, roommate income, yard sales, or freelance work outside of a standard job. Having the right receipts and important paperwork displaying this income is important before filing a 2010 tax return. It is very common for people to make a calculation mistake when totaling annual income and it is always best to double-check your work many times to ensure that all calculations are correct.
An items that always catches IRS attention is when a person wants to claim their home as a business office or for standard business affairs. These deductions have limitations on the actual amount of money that can be written off on a 2010 tax filing. Knowing and understanding the requirements to file for these deductions is important before tying to claim them on your tax filing. No one wants to be audited by the IRS and people are susceptible to making mistakes that can have many consequences. By double-checking all of your calculations and work, you can avoid common errors that will delay your return. Having all available documentation will ensure that there are no mistakes when entering this information on your annual 2010 tax return.