Staying organized, even after your taxes have been filed, will make your life a lot easier in the future. Have you ever found yourself looking to buy a home, refinance your mortgage, or buy a car and get a bit of an uneasy feeling when they ask for tax returns, W-2s or other related items from two years ago?

You know you have them, somewhere, but tracking them down might take some time. When you have organized tax records you won’t find yourself in this predicament.

Here’s what I like to do. First, I create a primary folder for each tax year in my file cabinet. This folder will hold everything that’s related to that particular tax year, including a copy of that year’s tax return.

Then within the main folder I create three sub-folders. One for income documents: W-2s, 1099s, rental income, etc.  Another for expense documents: property taxes, mortgage interest, student loan interest, and any other expenses or expense related tax forms. Finally, a folder for receipts.

The benefit of this method is that on a moment’s notice I can find virtually any document in a matter of seconds. If the bank wants a copy of my wife’s 2009 W-2 and the Schedule C for my business, I know exactly where both of those are. No fumbling around through a bunch of paperwork trying to find a needle in a haystack.

More Than Organizing Past Tax Records

Don’t just stop at organizing all your past tax documents. While that is helpful and good practice, it’s also time to start thinking about organizing documents today with your future tax return in mind. This is especially true if you have your own business.

Paperwork tends to pile up quickly and as a busy business owner it’s easy to put paperwork off until later. Then tax time rolls around and what happens? You’re sorting through a mountain of statements, bills, and receipts, and it ends up taking you more time gathering the necessary paperwork than doing your actual tax return.

So, get your paperwork organized before tax time. Even if you don’t immediately have a need for last month’s bank statement or the receipt for printer paper, don’t just tuck it away until later. Have a place, whether it’s a folder, bin, or box, to separate and contain all of your income and expense documents.

You don’t need to worry about organizing every single thing as it comes in, but at least put it into its appropriate pile immediately. You’ll eliminate desk clutter and you’ll save a bunch of time when tax time rolls around.

From midnight PT on Sunday, 4/14 through 11:59pm PT on Monday, 4/15, we will share one TurboTax #TaxTip every two hours from the TurboTax Twitter handle.

If you want to file now (and we hope you do), you can find the full list of TurboTax #TaxTips below.

1. Be prepared and organized. Bet you didn’t know tax tips and ducks had something in common… Time to get your tax ducks in a row!

2. Make checklists! Keep everything straight with checklists! (And then check “File now” off your list!)

3. Spell Check! We know you know your A-B-Cs! It’s time to file that knowledge.

4. Double/triple check before filing. Santa checks his list twice for a reason! Be sure to double (or triple) check everything before submitting your return.

5. Know your dependents – they are deductions. Claiming dependents can be a tax win. TurboTax can tell you why!

6. E-file with direct deposit. Fast, faster, fastest! Get those taxes filed the quickest way possible by e-filing with direct deposit.

7. Get Help. Taxes can seem taxing, but you’re not alone! TurboTax tax experts are standing by to help.

8. Type in last year’s AGI when signing your electronically. Have you ever signed at the dotted line electronically? Find out just how important that can be to your taxes.

9. There is no $ amount too little for filing. Part-time jobs count! There’s no dollar sign too little to file for taxes.

10. Make a rough draft of your filing to avoid mistakes. Remember what your teachers told you? Rough drafts = no mistakes.

11. Tax benefits for dependents: exemptions for dependents. Dependence isn’t always great, but it is at tax time! Aren’t you curious to find out why?

12. Selling your home. Military friends, selling your home can be stressful, but not if you qualify for a tax deduction! Learn more here.

13. Deduct your volunteering time. Hey do-gooders, this tax tip is for you!

14. Use SnapTax to file from anywhere. It only takes a second to Snap! Use the SnapTax app to file now.

15. It’s never too late to file. It’s crunch time and we’re here to help! Never give up, there’s still time to file now (no appt. necessary!)

16. Don’t forget opportunities for credits and deductions. Credits and deductions, oh my! There are so many tax wins to be had. Don’t miss out.

17. Go online: avoid the time consuming lines and file online. Throw on some PJs, sit on the couch and file your taxes the relaxing way! No appointment necessary.

18. Parents can be dependents. Caring for your parents will always get a high five from us. There are other rewards like saving money at tax time.

19. Collect and save your receipts. Have you ever met a receipt you fell in love with? We bet you will now.

20. Only one person can claim a dependent. Double up when you’re eating cookies, but not when you’re filing taxes! Here’s why!

21. Deduct your student loans interest. Students, you’re not alone with your loans! Get every dollar you deserve here.

22. Use new apps to prepare tax filing. It’s app attack time! Use our new tax filing apps to get your filing done ASAP! No appointment necessary.

23. Make a contribution to Tradition IRA before you file. Make a contribution to get a contribution! Find how here.

24. You can get tax extensions. Procrastination happens! Not to worry tax filers, there is still time left!

• File Online – With no more time to waste, online tax preparation and e-filing are the ways to go instead of waiting for an appointment at the tax store.
• E-file with Direct Deposit for a Faster Refund - E-file with direct deposit is the fastest way taxpayers can get their refunds.
• Find Last-Minute Deductions – Some few tax-saving moves to remember are making an IRA Contribution and deducting your charitable contributions.
• Get Free Expert Answers – TurboTax has certified CPAs, EAs, and Tax Attorneys available to answer taxpayers’ last minute tax questions for free.
• Extend the Deadline - Taxpayers that aren’t going to make the deadline need to file a tax extension, free with TurboTax. And remember: An extension to file isn’t an extension to pay. Taxes owed are still due April 15.

In honor of all you tax procrastinators out there, here is the TurboTax annual list of the Top 10 Tax Procrastinating Cities.

Infographic by Column 5 Media

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In a natural disaster, these, and other, important documents can be ruined, causing problems and even putting your finances at risk. With all the news of floods, tornadoes, and the start of hurricane season, it’s a good idea to look through your tax records and make sure they are safe.

Back Up Your Tax Records

You can protect your records by making sure that they are backed up in and kept in a safe place. While a fire safe can be one way to help protect your documents, most people don’t have a safe big enough for seven years of tax records. Most fire safes are small, meant to hold essential identification documents, insurance policy documents and other papers. Digitize your records and store them on a flash drive or CD that can be kept in the small fire safe; you can grab the fire safe on your way out the door. Even if you don’t have the originals, having copies is better than having nothing.

Scan your tax records into image or PDF that can be stored in an online backup. Just keeping them on your computer might not work, since your computer could be destroyed in the same natural disaster that claims your paperwork. You can pay for online storage or you just email yourself copies of the documents. If you’re concerned about security, you can black out all but the last four digits of your Social Security number, and other identifying information. With your documents stored online, you can access them from anywhere as long as you have an Internet connection.

Do You Use a Payroll Service?

If you make use of a payroll service for your business, you will need a measure of protection in that area, too. Find out how the payroll service backs up its records. If there isn’t sufficient redundancy, consider taking your business elsewhere. You should also find out if the payroll service has a fiduciary bond. This is a bond that can protect an employer in the event that the payroll service defaults.

Document Your Valuables

In addition to making sure that your tax records and other important documents are backed up, you should also take the time to document your valuables so that you are properly compensated for them should they be destroyed during a natural disaster. You can photograph or video your valuables, and store the files online in a home inventory, or on a backup disk or flash drive kept in a fire safe (or both). You can use IRS publications, such as the IRS Publication 584, which is a workbook, to help you learn to properly document your valuables.

You can get more tips on preparing for a natural disaster when you visit the IRS web site.

Student loan interest deduction requirements

In order to claim your student loan interest as a tax deduction, you must satisfy several requirements. Married persons who file separately cannot claim a deduction for student loan interest. Also, neither you, nor your spouse if applicable, can be claimed as a dependent on another person’s tax return. Finally, the deduction is only available if your modified adjusted gross income is below the annual limit. In 2010 for example, your modified adjusted gross income must be less than $75,000 for a single filer, or less than $150,000 when filing a joint return.

Annual deduction limitations

You can deduct only the student loan interest you pay during the tax year, subject to annual limitations. If you pay at least $600 of interest, you will receive a form 1098-E that reports your total payments. If you pay less than $600, you can still claim the deduction, but you will have to consult your records or contact your lender to find out exactly how much interest you paid. Although the annual deduction limit is subject to change, in 2010 you can deduct up to $2,500 of student loan interest payments.

Eligible student loans

You can only claim the deduction for interest that accrues on student loan funds that you actually use to pay education-related expenses. For example, if during your senior year in college you use $2,000 of your student loan to purchase suits for your new job, the interest that accrues on that $2,000 is never deductible. Additionally, the loan cannot be from a relative or a qualified employer plan. Though you must be the one who is responsible for repaying the loan, you can use the funds to pay the school expenses of your spouse or dependents and still be able to claim the deduction.

Reporting the deduction

To claim the income tax deduction, you cannot file your income taxes on Form 1040EZ. Since the deduction is an adjustment to income, you don’t have to itemize your deductions to claim it. Unlike many other deductions, there are no additional IRS forms to prepare; however, the IRS instructions include a worksheet to help you calculate the right amount.

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The jobs part of that prescription may be hard to find these days, but there are many places that fit the rest of the bill. Some of the cheapest places to live in America include Omaha, Detroit, Indianapolis, Cincinnati, Pittsburgh, Minneapolis- St. Paul, Cleveland, Oklahoma City and Houston.

The thing that many places on that list have in common is that they are in the heart of America. Think rolling hills and farm land, as opposed to coastal and mountains. Not exactly the sunny weather you had in mind, perhaps, but the tax climate in most of those places is quite temperate, and contributes to the inexpensive cost of living. Property taxes for homeowners, income taxes, sales taxes, gasoline taxes — they all play a part in determining your overall cost of living.

The state with the best tax climate for you depends on your circumstances. If your income is high, consider the states that have no income taxes: think Florida, Texas and the state of Washington. If you are a shopper, your sprees will cost less in a state with no sales tax, such as Oregon, New Hampshire or Delaware. Concerned about rising property taxes? California’s Proposition 13 limits property taxes to 1% of the original cost of the property, plus a small inflation factor. Drive a lot? You’ll like the lower gasoline taxes in Alaska, New Jersey and Georgia, the lowest in the nation. If you are a smoker, you’ll pay high cigarette taxes everywhere, but less in Missouri, Virginia and Louisiana.

The source of your income is also important when deciding which state has the lowest taxes. Pensioners with income from federal, state or local pensions will pay no tax on that income in Alabama, Hawaii, Illinois, Kansas, Louisiana, Massachusetts, Michigan, Mississippi, New York and Pennsylvania. But income from other sources may be taxed: Kansas taxes Social Security income if your total income is over $75,000 and Massachusetts and Kansas tax all income from private-sector retirement sources.

If you are retired from the military, you might want to move to one of the many states that don’t tax retired military pay. Those states include Alabama, Alaska, Hawaii, Illinois, Kansas, Louisiana, Massachusetts, Michigan, Nevada, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, South Dakota, Tennessee, Wisconsin and Wyoming.

If you aren’t yet retired and you contribute to an IRA, you might steer clear of New Jersey, Massachusetts and Pennsylvania, since those states don’t allow a deduction for IRA contributions.

So where is the best place for you to live? For most of us, the truth is that there’s no place like home. That’s why half of Americans live within 50 miles of where they were born.

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Say you suddenly find yourself in need of one of your old tax returns.  Such a circumstance might come about when applying for a loan, be it a home mortgage, refinancing, or for college funding.  If you’re unable to find your tax return among the piles of old photo albums and dated baseball cards in your closet, the IRS can help.  Here’s how:

Request Your Tax Return

Surprising as this might be, to receive a copy of an old tax return from the IRS, you must fill out a form.  In this case, the paperwork is Form 4506, aptly named “Request for a Tax Return.”  While the form is straightforward, it is not without cost—each tax return you would like to receive will set you back $57.  (Why $57 and not $50 or $60 remains an uninvestigated mystery).  You can request any tax return up to six years old. (No, you can’t request someone else’s tax return.)

Once your check clears, expect your return(s) to arrive in about 2 months.  Note that if you are impacted by a federal disaster area, you probably won’t have to pay any fees.

Only Need the Highlights?  Get a Transcript

Sometimes, the requesting your entire return is unnecessary.  Given the cost, first check to see if a tax return transcript will satisfy your needs. If so, request a transcript, available at no cost.  To get your tax return transcript, simply dial 800-908-9946 or visit http://www.irs.gov.  Then, click Online Services and choose “Order a Transcript.”

A transcript provides all the most important line items for your return and is often sufficient for your lender’s documentation requirements. Unlike a full tax return, transcripts are available for the previous three years only.

To request your transcript, complete 4506-EZ, the short form for requesting an Individual Tax Return Transcript.  This relatively new form is streamlined, especially for those who are going through a mortgage application, refinancing, or modification.  As such, you can request your transcript be mailed directly to a third party such as your lender.

You can get all forms at the IRS web site (www.irs.gov) or by calling 800-829-3676.

Ask for additional time to pay: It’s nearly that easy. You can request an additional 60 to 120 days to pay what you owe. You can call the IRS or go to the Online Payment Agreement and submit your information. This is a good solution if you have a first quarter bonus coming in or just needed time to rearrange some of your assets to free up the cash.

Apply for the Installment Plan: You can use this option to pay off a tax debt of up to $25,000 over as long as 60 months. You can use the same Online Payment Agreement link or apply by using Form 9465. Your application is subject to approval but it’s guaranteed if the amount owed is not over $10,000, you have a clean record for the prior five years (all taxes paid with or prior to the return due date), you agree to pay it in full within three years, and the IRS determines you can’t pay in full immediately.

Pay by credit card or debit card: Since the penalty can be as much as 1/2%/mo and interest is currently 4% annually, you may have a credit card that offers a lower rate, perhaps even a zero percent teaser rate for a year. With average credit card rates still at 14% in addition to the 2%+ fee from the card service provider, the IRS route still seems best in most cases. The fee to pay with a debit card is less than $4, but if you have the cash to debit, why not just cut the check?

401(k) loan: The rules for these loans allow you to borrow up to 50% of your vested balance for five years. The current rate (based on the common “Prime+1/2%) is about 3.75%. There are risks, however. Should you lose your job, your loan balance is subtracted from your account and the amount is deemed as distributed. Taxes and 10% penalty are then due which results in yet another debt to the IRS.

The IRA shuffle: You can’t borrow from your IRA, but did you know that if you wish to transfer the funds from one account to another, you have 60 days to do this? In effect, this is the same as a 60 day loan. So long as the money is deposited into a different account on or before day day 60, there’s no tax or penalty. You should only consider this option if you are certain of having the money within the 60 days, otherwise, there’s a high price to pay, both tax and a 10% penalty.

HELOC: The home equity line of credit is to be used as a last resort, it puts your house at risk if you default. With most HELOCs tied to the Prime Rate plus a bit of an adder the rate will be in the 4%-5% range. Not a bad cost to borrow and you avoid any penalty. If you choose this type of loan, try to pay it off quickly, the bill’s minimum payment will likely reflect interest only. Don’t let a single year’s tax bill turn into 10 years of payments.

Now that you’ve decided how to pay the tax man, take a look at How to Adjust Your Tax Withholding for the New Year. Understanding and making changes to your withholding this year will prevent you from owing so much in April 2012.

Vacation Locally

Spending a little time away from home is great, but travel costs can turn even a simple vacation into an expensive proposition. Obviously, air travel is costly, especially with all the new fees, so sticking to a local vacation spot can save literally hundreds of dollars. So, toss the idea of flying across the country or overseas and look local. You may be surprised what attractions that are just a few hours away. Look to some of your state’s tourism info and get ideas for what might be interesting to you. Gas may be expensive, but a couple tanks of gas is still far less than a pair of $400 round trip tickets.

Take the Train

In today’s society it’s all about rushing around and getting as much done in as little amount of time as possible. That’s why slowing down a bit and taking your time can be rewarding in and of itself. Taking the train is a leisurely way to travel and save a bundle. For example, I can get an Amtrak ticket to take me from Chicago to Kansas City for just $61 and the trip takes about 7 hours. Guess what? If I wanted to drive that same trip it would cost me more than double in gas and take almost exactly as much time. Plus I’d be behind the wheel the entire time.

By taking the train you have a chance to relax while saving money. Since you aren’t driving you won’t be dealing with stressful traffic, stopping for gas, or worry about falling asleep at the wheel. Instead you can kick back in the train car and read a book, play games on your iPad, watch a movie, or grab a meal.

Go On a Cruise

A cruise can be either a very inexpensive vacation or extremely expensive. It is up to you to decide, but if you’re a smart shopper you can have yourself a wonderfully inexpensive vacation. Start looking far in advance with various cruise lines and consider cruising during the usual “off-season” to save even more.

It isn’t uncommon to find cruise specials for less than you could even get a hotel room anywhere else. I’ve seen 5-day Caribbean cruises for less than $300! That’s less than $60 a day and the best part is all your meals are included and there’s plenty of onboard entertainment that won’t cost you another dime. Try staying at a beachfront hotel and eat three meals a day for less than sixty bucks. You won’t be able to.

Sure, if you don’t live near a port you’ll have to pay for transportation to get there, but these destinations usually have affordable fares. Even so, a round-trip ticket and the cruise fare will often be less than $1,000 per person so you can take that vacation with your spouse and still have some tax refund money to spare.

Still looking for your tax refund? Here’s more information on how to find your tax refund.

1. Save your files. You’ve input your data into TurboTax, and you won’t have to do that again if you store your TurboTax file in a safe place so it will be available next year. Store a copy of the TurboTax file on a media separate from your computer: burn it to a CD, copy it to an external drive, or upload it to your ISP’s storage space. That way, if your computer crashes you’ll still have the TurboTax file. Or, just use TurboTax Online Basic or above and have your return saved year-over-year.

2. Make document gathering easy. Wouldn’t it be nice if you could open a file and everything you need to prepare your tax return is there? Here’s a simple way to make that happen. Prepare a file and label it Current Tax Info, and tuck it into your desk drawer. Now, every time you see something during the year that’s tax-deductible, drop it into the file. Make a donation with your credit card? Circle the donation on the statement, then drop it in. Property tax bill paid? Drop it in. Sorting the data into categories at the end of the year will be easy if it’s all in one place.

3. Consider Quicken. Is this the year you start keeping your records electronically? Having the year’s transactions on Quicken can make tax preparation simple as you transfer the files to TurboTax with the press of a button. Getting started on Quicken involves a bit of a learning curve, but it’s not difficult if you stick to the basics at first, mastering those before you explore the other nifty tools that Quicken provides. Or, if you prefer free online money management, try Mint.com.

4. Avoid a big refund. The fastest way to get your refund is not to let the government have your money in the first place. It’s easy to adjust your Form W-4 withholdings right now, while you are thinking about it. Download the W-4 form from http://www.IRS.gov, and using your tax return data fill out the simple withholding computation schedules. Once you see how much your net pay changes, tuck the difference into a savings account or better yet, increase your 401(k) contribution. That way, you’ll save it rather than squander it away.

5. Reduce underpayment penalties. If you are self employed, you don’t have taxes withheld from your income. But the IRS still expects you to pay at least 90% of your taxes during the year through estimated tax payments. If you failed do so last year, you paid the price with a big tax bill and penalties due on tax day. Don’t let that happen again. Compute estimated taxes due using tax software and simply fill out forms, and send them in your payment on the prescribed due dates. Even if you don’t have enough to pay the complete installment, paying what you can will reduce the taxes and penalties next April. Simply cross out the printed number on the form and write in the amount you are paying.

Finances don’t top everyone’s list of favorite things to do, but by following these tips now you can make your burden easier next year.

Save for Retirement

The Roth IRA gives you the opportunity to save after-tax dollars towards retirement and you don’t pay any taxes when you take disbursements in retirement. The Roth IRA contribution limit for 2011 is $5,000 if you are aged 49 and below, $6,000 if you are aged 50 and above (subject to income related phaseouts). If you don’t contribute to a Roth IRA, it might be a good idea to research them to see how they might fit into your retirement planning.

Pay Down Debt

One of the most popular ways to use a tax refund is to pay down any existing debt you have. Debt, especially expensive high interest debt like a credit card, can weigh down your finances like an anchor. If you make only the minimum payments, it’s an anchor that can drag on for years. Why not shave a bit, or a lot, off your debt with your latest windfall and pay a little less each month?

Make A Smart Home Improvement

Very few remodeling projects offer a positive return on investment, you can select on that maximizes your happiness and the return if you choose wisely. Remodeling Magazine provides an annual report on cost effectiveness of home improvements in their Cost vs Value Report and it can be a useful guide in selecting which projects to take on. For 2010-2011, the only project with a positive ROI was replacing your entry door.

Invest in Dividends

Dividend stocks have gotten a lot of press lately because their yields are easily trumping what you can get in a high yield savings account. While that may be a warning sign that dividend stocks are too popular, I think they’re worth a look if they make sense for your investment portfolio. A dividend stock is any stock that pays a regular dividend, usually quarterly. Dividend stocks are riskier than a savings account, since you are still buying stocks and your principal is not protected, but can offer higher yields.

Go on Vacation

If you haven’t been on a vacation in a while, many of us haven’t in these tougher economic times, it might be smart to take some of that money and go on a vacation to recharge and reenergize. While it may be more financially prudent to pay down debt or save for retirement, it’s psychologically important to treat yourself every once and a while in a financially prudent way. Instead of funding your next vacation with credit, put aside some, or all, of your refund for a getaway that will reinvigorate you for the challenges of the coming year.

What are you plans for your tax refund?

A trip with your children doesn’t have to be costly, and it doesn’t have to take days. Matter of fact, there are dozens of free trips and exciting activities in your vicinity that you can do in less than a day. It doesn’t need to be an elaborate excursion, since children are fascinated by everything.

If the activities are free, why dedicate part of your refund to them? To pay for gas and refreshments, and also the little souvenirs that will help make the trip memorable. There may also be charges for admissions or supplementary rides that your children will want to take. Remember, this is their day, so opt for whatever will add to their enjoyment, within reason.

Begin by visiting your local chamber of commerce. There you will find brochures on a variety of attractions, maps of your area showing local points of interest, schedules of events this summer, and helpful staff and volunteers who can fill in details about what’s available. You can also visit a local hotel to see if their lobby stand of brochures offers additional ideas.

Here are some of 7 places to start:

Local Parks. Most neighborhoods have parks, and there is always something happening. Little kids are happy to play on the jungle gyms and swings with other children, while older kids can enjoy tossing a ball or Frisbee. Some parks have basketball and volleyball courts, and others offer water attractions such as fountains, sprinklers and water slides.

Farms and animal exhibits. Some local farms offer petting zoos, guided tours, pick your own berries, and fishing in streams. Zoos and animal exhibits give kids a chance to get close and personal with animals. It is helpful if they have a chance to read about the animals they will see in advance, so they can learn about the animals and pick the ones they really want to see.

Your public library. Libraries aren’t just for reading books. They offer a variety of activities for children, including story time, movies, puppet shows, and craft classes designed to keep children’s minds busy and entertained.

Museums. Most big cities are loaded with museums of many types, from art to history to science, as well as children’s museums geared toward experiential learning. If you don’t live in a big city, you’ll probably find museum-like exhibits at some of the attractions in your area. Local caves offer thrilling excursions for kids, and many children may enjoy a walking tour of your city, especially if they have read children’s histories of the area before they go.

Beaches and waterways. Lucky you if you live near a beach – sand and surf offer hours of pleasure for children with boogie boards and pails. But you don’t have to be on the coast to enjoy the sand and sun. Lakes and river banks often have space for children to enjoy waterside activities.

National parks and monuments. In the U.S., we are lucky to have a network of national parks and monuments all across the country. For a small admittance fee, you can take the children to explore the park, listen to ranger talks and see movies about the environment and nature. Special activities are scheduled for certain times throughout the summer, so be sure to check a calendar of events to see if something of special interest may be coming up.

Factory tours. If you live in an industrial area, there may be factory tours available for your children. Possibilities include an iron foundry, a musical instrument gallery, woodcrafts, bakeries, or even a chocolate or a candy factory – yumm!

Too busy to do it all? You can combine almost everything on this list in one excursion to your county fair this summer. Animals, exhibits, food, and rides – fairs have it all. The costs of a day at the fair can add up, so look for coupons in your newspaper and online before you go.

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• For a faster return submission, e-file. TurboTax offers a free federal e-filing plus e-filing of your state for an additional charge. For me, avoiding that post office line is well worth it. You should also know, a refund will follow a paper return in about six to eight weeks after filing, while the e-filed return will have your refund to you in about three weeks.
• If you are getting a refund, you can ask the IRS to direct deposit your refund to your checking or savings account. You are permitted to designate up to three separate accounts if you wish, but as the IRS warns, your bank may not accept a joint refund into your single accounts, so check with your bank first.
• Owe money and can’t pay? Still, file your return. There are penalties for failure to file which are in addition to the late payment penalty and interest. There are two choices for delayed payments: the brief additional time to pay, an extra 60 to 120 days to pay in full, or the installment plan. For the installment plan you use Form 9465 and can choose to pay for up to 60 months. This should be a last resort, but the IRS interest rate is better than most credit cards will charge, and may be the right option.
• Wondering just how much interest the IRS will charge you if you are late or choose an installment plan? Easy. News Releases and Fact Sheets is the place to look. Enter “interest” in the search field and choose “title.” I quickly uncovered the latest release which told me the rate for Q2, 2011 is 4%.
• Just can’t cope with that pile of paper? File an extension with TurboTax for free. We’ll walk you how to form file Form 4868 the “Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.” To be clear, this will just extend the time to file your return and help you avoid the potential penalty for not filing, it’s not an extension of the time to pay your taxes. So while you’re still finding letters thanking you for your large charitable donations, be sure that you’ve at least paid enough to avoid a penalty, then file the extension.
• One last thing many taxpayers can easily miss, the Make Work Pay tax credit. This credit can get you up to $400 (or $800 if married filing joint) depending on your income level. If you’re doing your taxes by hand, it’s pretty easy to overlook. This credit was only available for 2009 and 2010, so don’t miss out.

I hope these tips helped you through the final hours before calling the tax year a wrap.

Flexible Spending Accounts

If you have a flexible spending account (FSA) through your employer, you can set aside as much as $5,000 from your salary to pay for dependent care. That’s a big benefit, because the funds you contribute to your FSA aren’t subject to income taxes or payroll taxes such as social security and medicare taxes.

There are a few caveats:

1. The person receiving the care must be your dependent, and if a child, must be under the age of 13 or incapacitated.

2. If you are married, both spouses must earn income of $5,000 or more unless your spouse is disabled, a full-time student, or looking for work.

3. The funds you set aside must be used by the end of the year, or else they may be lost.

4. And here’s the kicker: You must sign up for the payroll deduction during your employer’s enrollment period at the beginning of the year.

Now, assuming that you have your FSA in place, what kind of expenses qualify?

Child care providers. In order to be reimbursed for your child care through your FSA, your child care provider must provide you with a taxpayer identification number (employer ID number or social security number). That means they must report the income on their tax return.

Summer camps. Summer day camps qualify for reimbursement, but overnight camps do not. That’s good news for parents who enroll their kids in a variety of day camps, such as soccer camp, tennis camp, computer camp and the like. But if your child needs remedial schooling during the summer, forget it: tutoring and summer school are not eligible.

Payments to Grandma. If you hire grandma or another relative to take care of the kids this summer, you can be reimbursed from your FSA plan as long as grandma has a social security number and reports the income on her tax return. Other relatives qualify as well, unless they are your dependents. So you can’t pay your 16-year old to take care of the younger kids if you claim her as a dependent.

Dependent Care Credits

If you don’t have an FSA, you are still entitled to claim the child care expenses we have been discussing. If your income is $15,000 or less you can claim a federal tax credit of as much as 35% of the costs you pay, up to $3,000 per child ($6,000 total). As your income increases, the credit goes down, settling at 20% if your income is $43,000 or more.

That’s still a goodly amount: if you have two children and pay $3,000 of qualifying child care expenses for each, you’ll get a federal tax credit for $600 for each child. That will reduce the taxes you owe and increase your refund accordingly.

Since you can’t claim a tax credit for expenses that are reimbursed to you through your FSA, which would benefit you the most, the FSA or the tax credit?

Let’s say that you are in a 25% federal tax bracket and contribute $5,000 to your FSA. That will save you $1,250 in federal income tax, and may save you state taxes as well. In addition, you’ll save 1.45% in Medicare tax and up to 6.2% in social security tax.

Now let’s say that you claim the expenses as a dependent care credit instead of contributing to an FSA. Assuming your credit is 20%, that $5,000 in child care expenses will save you $1,000 in federal income taxes. If your income is low, you’ll qualify for the higher 35% tax credit, but most people at that income level wouldn’t pay federal tax anyway, and the credit is not refundable.

So for most parents, the FSA income exclusion is best. But whichever you choose, be sure to reap the tax-savings benefits of child care and day camp expenses this summer.

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Spring Cleaning

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Admit it: you’ve been putting it off. We all have. But spring is here, and the time to deep-clean your car, home and/or apartment has most certainly arrived. Getting started is always the hard part – no one wants to unflinchingly devote an entire weekend to cleaning what they already own.

But once you get going, the benefits become clear. Your car looks years newer, your apartment is suddenly fit for visitors and any “mental cobwebs” left over from winter are swept away for good. If your tax return is already filed, devote this weekend to tackling the spring cleaning you’ve avoided thus far.

Shopping

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Your return is filed, and your refund check should only be a few weeks away. Why not use the weekend in front of you as a chance to do some guilt-free shopping? We’ll assume that the rest of your finances (debt, savings, retirement accounts, etc.) are in order – as long as that’s the case, don’t you deserve it?

Don’t go crazy, of course. Filing your tax return early is not license to buy a new car or redecorate your entire home with new furniture. But within reason, treating yourself to a shopping spree is a great way to utilize the time you’ve freed up by not procrastinating on taxes.

Baseball

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For sports fans, April means one thing and one thing only: baseball is back! America’s pastime has returned to stadiums around the country, and what better time to get out to a game than this weekend? If no MLB team plays in your city, that’s okay – chances are, there’s a team within a day’s driving distance of where you live.

Make a day out of it: see if you recruit a group of friends to go along. Most teams schedule a mix of day and night games on Friday, Saturday and Sunday, so timing should not be a problems.

Day Trips

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Empty weekends offer a perfect opportunity to take day trips. No matter who you are, where you live or what you enjoy, chances are there is someplace you’ve wanted to go (but delayed going to.) Now that your taxes are taken care of, this is the weekend to actually go there. Delay the trip you’ve wanted to take no longer!

Again: if possible, see if you can get others come along for the ride. It may feel uncomfortable at first to take a totally spontaneous and unplanned day trip, but it really is just one day (maybe two, if you stretch it to Saturday and Sunday) and the fun you have should make it worthwhile.

Hobbies

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The first thing busy, stressed-out adults tend to neglect is their hobbies. Compared to more pressing concerns in your life (work, finances, parenting) the hobbies you enjoy might seem “un-serious” and easily pushed aside. Yet this is a dangerous rut to fall into – if your life is completely devoid of hobbies, then aren’t you just living to work (rather than the other way around?)

Use this this weekend to reclaim the one of the hobbies you’re passionate about. Maybe it’s a musical instrument, maybe it’s intramural sports, maybe it’s reading books or starting a collection. Whatever the case may be, devote this weekend to rediscovering a fun pastime.

Planning Ahead For 2011′s Taxes

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Want to know the unexciting truth about people who don’t have tax problems? They plan ahead. Rather than scrambling to get everything together at the beginning of April, they consciously start preparing months in advance:

• Gathering W2′s and other tax forms
• Determining what deductions or credits they’re eligible for
• Deciding whether to itemize or claim the standard deduction
• Getting ready to e-file and file online with tax software like TurboTax to get their refund back fast, and take the hassle out of filing

You can begin doing this right now, in anticipation of next year’s taxes. Will it be as fun as the other things we listed? Probably not – but it will absolutely guarantee that tax season 2011 is a breeze instead of a nightmare.