Tips for Tax Season

Essential information to get (and keep!) your full refund:

• The last day to file your 2010 federal income taxes is Monday, April 18, 2011. State income taxes and federal extensions are due on April 15^th as usual.
• If you are a resident without a Social Security Number, the IRS can assign you an Individual Taxpayer Identification Number (ITIN) that will allow you to file your taxes. Ask your tax preparer for more information.
• You have until April 15 to contribute to your Individual Retirement Account (IRA) for the previous year. The limits for 2010 are $5,000 for people under 50 years of age and $6,000 for people age 50 and older. This is an excellent way to save more money for retirement while receiving a higher refund now.
• IRS-certified volunteers can file your taxes for free at local sites, such as the Santa Fe Community College. They can help with most returns, except those involving a business with employees or other highly complicated situations. For more information on free tax preparation sites, visit IRS.gov.  Be sure to bring all necessary forms and records when you go.
• Choose to have your refund deposited directly to your account for quick turnaround. You will receive the money within 1-2 weeks, as long as all documents were filed correctly.
• Avoid Refund Anticipation Loans (RALs). You already waited the whole year to get your money back—why not give it another week or two and save the fee?

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