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As the football season ends tax season is getting into high gear. So after tuning into the Super Bowl, your next move should be creating a game plan for filing your 2008 tax return.

In these tough times you should get an early start – if you have money coming back to you, you want to receive it as soon as possible. And rushing at the last minute to file could mean costly mistakes and missed opportunities to save money.

The Illinois CPA Society offers these suggestions to get you started:

• Don’t get sidelined by your own lack of organization. Start by pulling together all the necessary paperwork, items like last year’s return, W2 forms, interest income statements, documentation for charitable donations, and if you itemize deductions, receipts sorted by type and date.

• Know the 2008 playbook. Check the IRS website – www.irs.gov – for new tax credits and deductions including a credit of up to $7,500 for first-time homebuyers, real estate deductions, tuition and fees deductions, and a recovery rebate credit for individuals who did not qualify for a stimulus rebate last year but qualify now.

• Avoid fumbling on the easy plays. Don’t make obvious mistakes or forget attachments. Check your math; double-check your Social Security number, your spouse’s Social Security number, your income and any other numbers or details. If you were married or divorced during the year don’t forget to indicate a change in your status.

• Get past the rush – consider e-filing and file early. As of January 16, the IRS began accepting electronic filings. The IRS has expanded its e-file program for this year, including its Free File program, which is available to taxpayers with 2008 adjusted gross income of $56,000 or less. E-filing encourages accuracy; filing early not only decreases the stress associated with tax season, but will also help you get your refund faster.

• Watch for trick-plays. Be careful to avoid common scams. These include phony refund emails, tax rebate scams and fake audit announcements that typically occur via email and ask for social security and banking information. The IRS never contacts taxpayers through email; your tax refund is based only on the return you file and no additional paperwork is necessary so never give out personal or financial information over the internet or by phone. You can forward any suspicious emails to phishing@irs.gov.

• To score big, get a good coach and a great quarterback in your CPA. Especially in a year when your finances are a little more complicated than in the past, a CPA brings credentials, talent and credibility to the game. They know your history, are rigorously prepared, and have the knowledge, skills and experience to serve you well during tax season and towards the ultimate goal of a stronger financial future.

In response to the current recession, as well as other contributing factors, the IRS has initiatives to help financially distressed taxpayers maximize their refunds, speed payments and provide assistance to those struggling to make their tax payments. Visit the IRS site, www.irs.gov and the Illinois CPA Society site, www.icpas.org, for more information, programs, and resources on tax preparation.

Source: Illinois CPA Society