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Things To Keep In Mind When Filing Your 2012 Taxes

This year you have until Monday, April 15, 2013 to file your 2012 tax returns and pay any tax due. If you can not file in time you can request a 6-month extension. Keep in mind that this is an extension to file your return, not to pay any taxes due. If you believe you will owe money, you must complete the estimated payment section and submit your payment. Filing online is the easiest way to go. If you have a simple return you will find that major online tax preparers have a Free edition for Federal returns. Don't know which form you will need to complete? Here are a few IRS tips to guide you:

You can generally use the 1040EZ if:

• Your taxable income is below $100,000;
• Your filing status is single or married filing jointly;
• You are not claiming any dependents; and

If you can't use Form 1040EZ, you may qualify to use the 1040A if:

• Your taxable income is below $100,000;
• You have capital gain distributions;
• You claim certain tax credits; and

You claim adjustments to income for IRA contributions and student loan interest.
If you cannot use the 1040EZ or the 1040A, you'll probably need to file using the 1040.

The reasons you must use the 1040 include:

• Your taxable income is $100,000 or more;
• You claim itemized deductions;
• You are reporting self-employment income;

These are just some major tips to get you started. As you continue to get everything organized, remember that eFile, when combined with direct deposit, is the fastest way to get a refund. Another reason to consider eFile is that if you owe tax, you can eFile early and set an automatic payment date anytime on or before the April 15 due date. You can pay by check, money order, debit card, credit card, or by transferring funds electronically from your bank account.

Once you file you can check the IRS website at IRS.gov under the heading "Where's My Refund" to check on the status of your refund. According to the IRS, initial information will generally be available within 24 hours after the IRS receives your eFiled return or four weeks after mailing a paper return. To compare online tax preparers, visit the ManagingMoney Tax Center.

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