Tax time tips

It's tax time again and it's essential to get your information submitted asap. The sooner you submit, the faster your refund or the more time you have to save up if you owe. Preparation is key and absolutely essential when completing your taxes. Consider these to stay on track:

Identify deductions Before you start number crunching, be sure you know what expenses to write off; you don't want to miss out on a single tax-deductible expense.

Organize, organize, organize Now that you know what to deduct, it's time to organize the info. If your receipts are a mix of charitable donations, business lunches and vehicle records, take the time to separate them out. This will save you a headache come input time.

Track W2s By law, employers must submit W2s to employees by the end of January. If you failed to receive yours or can't locate it, contact your HR department or supervisor. File it immediately when you receive it.

Find discounts for software Preparing taxes at home is much cheaper than working with a professional, but that doesn't mean you should pay full price. Look for tax coupons online and save on software packages to make your tax prep even more affordable.

Save on professional help Taxes are never straightforward, but business owners and people with complicated taxes are much less likely to be audited when they work with a tax professional.

Analyze your refund If your withholdings are too high you're missing out on monthly income. If they're too low, you're living the high life until an abrupt wake-up call at tax time. Talk to the HR person at work to determine what your deductions should be.

Spend refunds wisely Paying down debt, donating to a charity and adding to emergency savings are all wise ways to spend your refund.