You can almost hear the hum of calculators and feel the panic. Yes, that time of year has arrived - tax filing season! As a practicing Certified Public Accountant I constantly reminded my clients that tax time didn't need to be the cause of gray hair and wrinkles. With a little bit of preparation, year-round organization and an early start, tax season can be a walk in the park.
Most importantly don't be afraid to ask for assistance. Certified Public Accountants, other tax preparers, and qualified state and federal employees are available to lend a hand. Both the State of Kansas and the Internal Revenue Service have established programs that will connect you directly with representatives in the agencies.
The Kansas Department of Revenue provides free assistance to Kansans at the Docking State Office Building, 915 SW Harrison in Topeka, and on their Kansas Taxline (785-368-8222). Kansans are also encouraged to visit, www.ksrevenue.org.
The Internal Revenue Service has established Tax Payer Assistance Centers across the state to help you with your 2004 federal income taxes. Walk-ins are welcome and you can receive assistance with topics such as preparing your basic individual income tax return if you qualify for the Earned Income Tax Credit or your income is $36,000 or less; answers to tax questions related to your individual federal tax return; and preparing your heavy vehicle use tax return. You can also make inquiries or adjustments to your tax account; payment plans if you owe and cannot pay the full amount; and questions about IRS letters and notices. Consult www.irs.gov for contact information in your area.
This is also the time of year to look ahead and plan for the 2005 tax year. Are you taking full advantage of all the tax credits and benefits Uncle Sam has to offer? Have you minimized your federal income tax liability as much as allowed by tax laws?
Each year my office hosts Financial Literacy seminars that offer information on estate planning, tax preparation, long term care insurance, and investment tips. The seminars, instructed by respected professionals in their fields of expertise, help attendees organize their finances and set priorities.
Another resource is to consult the American Institute of Certified Public Accountants. They have developed a tool that will help you, no matter what stage of life you are in, plan your financial future. The 360 degrees of Financial Literacy offers information from childhood to homeownership; from military and reserves to the sandwich generation. Visit http://www.360financialliteracy.org or call the Kansas Society of Certified Public Accountants at (785) 272-4366, a supporter of the 360 degrees of Financial Literacy, for more information.
Tax season makes all of us stop and take a deep breath. With the proper preparation and assistance, it doesn't have to cause hyperventilation! It is an honor to serve as your Kansas State Treasurer and I hope you enjoy a stress-free tax season!
"Next to being shot at and missed, nothing is really quite as satisfying as an income tax refund." - F. J. Raymond, humorist
