Tax time is here so hopefully you all have your ducks in a row to prepare your federal income taxes. By now you should had received your W2-forms from your employer and hopefully it is correct before you start one of the big steps to prepare your federal income taxes.  Always make sure that your W-2 forms have the correct name, identification number or social security number, correct address and correct wages on it before you begin.

In preparation, have a list of all your exemptions that you can claim.

Ask yourself:

How should I file my taxes?

Single, married, married filing separately,head of household, qualifying widow (er),or married filing jointly.

How am I going to file my taxes?

File taxes online or pay an accountant to do my taxes.  Am I going to use Tax preparation software or go old school and use a calculator, pen, paper and mail it in?

Wages are reported on your W-2 forms. Any interest that you have accumulated over this fiscal year will need to be added as income rather it was dividends from a checking account or a savings account, alimony received, social security,retirement pensions and annuities, capital gains, IRA distributions,and taxable refund from a state and local tax that has been reported to the IRS.

Hopefully you will have all your deductions on hand and apply them a 1040A tax form.

Some of these deductions are home mortgage interest reported to you on a 1098 form, real estate taxes,personal property taxes,state and local income taxes, charity contributions, casualty of theft losses, medical and dental expenses, miscellaneous expenses such as safety shoes,union dues,job travel,job education, and tax preparation fees.

If you have losses, report it on your itemized form, example is gambling losses but no more than your winnings reported as income and a percentage of your adjusted gross income.

Whether you prepare you own taxes or use a professional tax preparer, using E-filing online is fast, quick access on your tax refund, and very accurate, just prepare, print, and e-file your tax return.