It is time to begin thinking about filing your taxes again. It is important that you file your taxes correctly so you do not end up paying money in late fees or other penalties for any mistakes that you made. Take time now to prepare to file your taxes. You should make sure you have collected all the necessary forms such as your W-2 and 1099s from your bank before you file. You may be receiving these into early February since the deadline to mail them out is not until the end of January.

Ways to Submit Your Taxes and Get Your Deposit

• Paper and MailYou are still allowed to file your taxes through the mail. This is a slow process, and it takes the IRS longer to process your tax return. The reason is the additional time in the mail and the additional work to enter in your tax information. You can also request the IRS to mail the check directly to you. There is the risk that either your return or your check can become lost in the mail.
• Electronic FilingMost people are switching to filing electronically, although there may be a small fee to do so. This depends on the software or company you use to file your taxes. Electronic filing speeds up the entire return process, and decreases the chance of your tax return getting lost. Receiving your refund as an electronic deposit can also speed up the entire process. Some people can receive their refund in as little as three weeks when they process it this way.

Filing Your Taxes

• File Your Taxes YourselfIf you file your taxes yourself you can avoid some of the fees that an accountant will charge you, but you are also responsible for any mistakes or errors that you may make on your tax forms. For this reason many people who choose to file themselves have begun using the tax software available to help them file. Most of the software also comes with the ability to purchase or use software to file your state tax return as well. This is a good option if you have a fairly uncomplicated tax return. Some of the tax software companies will stand behind their products the same way an accountant would
• Free FileIf you file your taxes yourself and if you have a relatively low income, around $50,000 you may qualify for the Free File program. This program allows you to use their software programs for free. You can find more information that the IRS Free File page. This option will not work if you own your own business. Some of the programs offer the chance to file your state taxes for free as well.
• Using an Accountant or Tax PreparerAn accountant or tax preparer can take a lot of the stress out of filing your taxes. It is important to find a professional tax preparer. When you go to your accountant you will need to take all of your tax forms and receipts in and be prepared to talk about your current tax situation. If you have a particularly difficult or unique situation you may want to choose an accountant that specializes in that situation. Otherwise it may be okay to visit a large tax preparation store. The people who work there take special training classes each year and use software to help file your taxes. The one thing you should be wary of is the Refund Anticipation Loan. There are huge fees associated with the loan, and if you electronically file with a direct deposit for your refund, you should be able to wait to get your refund.

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