Prepare Your Taxes
Step by Step


Your Guide
Liz Pulliam Weston MSN Money columnist Liz Pulliam Weston answers reader questions in the Your Money message board.
Step 1: Test your knowledge
Congress has made it pretty clear that no ordinary citizen should even think about trying to do his or her own taxes, which is why they change the rules every year. But if you're feeling cocky or just looking for cheap thrills, go for it -- but make sure you know what you're doing.

Tax IQ Test
Find out if you've got what it takes to prepare your own taxes.


More Resources
Related Step By Step
Reduce Taxes

Tax Professionals
Professional help with your taxes and overall financial planning is available from MSN Money's Advisor Finder.

Get a quick estimate
The Tax Estimator can give you a quick idea of your tax situation.

Don't pay more than you must
Use the Deduction Finder to make sure you're taking all of your deductions and credits.

Know the rules
You'll find the exact rules in the various Forms & Publications in the Tax Info area. Our Tax Glossary also provides detailed definitions.

Preparing Taxes Q&A
General Questions
Audits
Credits
Deductions
Estate Taxes
Investment-Related
Property
Self-Employment
Social Security


What are the capital gains implications of selling stock to finance your new home? Microsoft Money's Purchase Wizard lets you know.
Step 2: Get organized
Pull your receipts and other supporting information together, then choose your weapon. There are several software programs and Web sites for preparing your return electronically, including Microsoft Money.

H&R Block's Tax Preparation Checklist

How to determine your filing status

Tips on using your PC to prepare an error-free return

Download a free trial version of Microsoft Money

Step 3: Avoid mistakes
There are lots of ways to run afoul of the IRS. Even simple arithmetic errors can lead to an audit, so be sure to check and double-check your return -- even if it was prepared by a pro.

Unlucky 7: The top taxpayer mistakes

Top 10 overlooked deductions

How many exemptions can you take?

Tax strategies certain to attract an auditor

How to avoid an audit

Tax Calendar
To avoid penalties, know when estimated payments and extensions are due.

Step 4: Anticipate problems
For more information about dealing with the IRS:

How to file an extension

What if you can't pay the IRS?

What to do when the IRS comes knocking

Make a mistake? Make amends with 1040X

Q&A: Record-Keeping, Extensions, Filing, Forms



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