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Tax moves to make in March 2012

We got an extra day last month, but now March is here. Will this be a lion or lamb of a month for your taxes?

If you find your tax filing is beastly, there are plenty of ways to tame the process.

March_tax_moves_160Consider the many electronic options. Most taxpayers qualify for Free File, the IRS-software manufacturers partnership that provides free online tax preparation and e-filing for filers whose 2011 adjusted gross income (regardless of filing status) is $57,000 or less.

If you find you have to pay Uncle Sam this year, one possible online method is via the IRS' Electronic Federal Tax Payment System, or EFTPS (pronounced eff-tips in tax speak).

Once you set up an account, you can schedule direct payment from your chosen financial institution not only of your 2011 tax return balance due, but also for 1040-ES estimated tax payments.

As you start getting ready to file, double check last year's charitable contributions and the receipts you got for your gifts. While you can't count the value of the hours you spent volunteering at your favorite IRS-approved nonprofit, don't forget to add up the miles you drove in connection with your efforts or any unreimbursed expenditures you made to help further the group's good works.

Those are just a few of the tax tasks you can take care of this month. Find more in the March Tax Moves listed over in the ol' blog's left column.

Just scroll down a bit to find ways to ensure that the IRS is a lamb in your dealings with it.

You also might find these items of interest:


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