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It's not too early to start planning for April 15

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5:43 PM Tuesday, December 8, 2009

Even though we’d rather be thinking about Christmas presents, holiday parties and upcoming vacations, the reality of grown-up life is that now is a great time to start planning for the dreaded arrival of April 15 — the day federal income taxes are due.

The Internal Revenue Service, at irs.gov, offers lots of tips, guides and forms to help you through the process.

A good starting point is Publication 17, aptly titled “Your Federal Income Tax,” a guide to what’s new, what’s going away and what forms or documentation you will need.

While the 308-page tome can seem overwhelming at first, if you use the guide on-line, there are more than 6,000 interactive links that help you navigate the sections.

The guide contains answers to most of the basic filing questions like what income you have to report, how to decide between the standard deduction and itemizing, the rules for claiming dependents and figuring capital gains and losses.

There are details on how you can take advantage of new tax-saving opportunities, including the first-time homebuyer credit and energy credits for homeowners.

If you don’t have access to the Internet, the IRS will send you a free copy of the guide starting in January. Requests can be made by calling 1-800-TAX-FORM.

Lots of 2009 forms are also available on-line, with more being added almost daily.

Record-keeping is vital to your income tax success, so start digging out those shoe boxes and ratty envelopes filled with receipts and cancelled checks.

The IRS suggests we all keep receipts, bills, credit card statements, invoices, mileage logs and anything else that can support what you put on your tax return.

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