The 12 Tax Tips of Christmas:
#5 Do a mock tax return

December 17, 2009

Practice makes perfect, for singers as well as taxpayers. That's why today's 12 Tax Tips of Christmas recommendation is for you do a mock tax return.

I know. The thought of filling out a bunch of tax forms just for practice makes you want to run away screaming. But better to do that now — both the form completion and the screaming — than in April when it really counts.

You can get an idea of what your 2009 tax will be by inputting as much info as you can. Use your latest paycheck stub for income and withholding data. Check the Web sites of your tax-related accounts — your mortgage company for loan interest and property tax payments made so far in 2009, your investment and savings accounts for taxable earnings amounts. Then plug that data into IRS forms.

You have two options for your dry run tax return.

You can download the forms you'll need (or think you'll need) from www.IRS.gov. Most are updated and available now.

Or you can go to one of the tax software Web sites and set up an online filing account. In many cases, online filing is free. Even if it isn't, you don't have to pay until you file. Take advantage of the opportunity to start your return and get an idea of what to expect.

And if you decide you like the online software program, then you've got a head start for when you are actually ready to submit your Form 1040.

If your mock paper or PC return reveals that you're going to get a refund, then you'll know you should file as soon as possible next year.

If, however, the news isn't good and you'll owe, you might be able to take
some steps (like those offered in our year-end tax moves series this
week) to trim that bill a bit.

At the very least, you'll how much money
you'll need to come up with by April 15 so you can start planning on
how to get it now.

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Hello Tax Season 2026

Happy New Tax Year! Are you ready to file your 2025 tax return? I know, too early to ask. But Tax Day 2026 will be here before we realize it. The Internal Revenue Service deadline to file and pay any tax we owe is the regular April 15 date this year. It’s also Tax Day for most of the states that collect income taxes from their residents, which is most of the states! If that seems too far away right now, don’t worry. As is the case every tax season, the ol’ blog’s tips and other tax reminders should help all of us meet our state and federal responsibilities. Procrastinators also will want to keep an eye on the countdown clock just below. It tracks how much time we have until April’s Tax Day, just in case we put off our annual tax task until the absolutely final hours and decide we need to instead get an extension request into the IRS by that date. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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