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while there are a lot of new tax laws, only a few of them are complicated. He advises taxpayers “at least to try” preparing their own returns before going for professional help. He also points out that fees paid to tax preparers are no longer deductible.
According to Prof. Saubert, being organized is the key to accurate income tax return prepartion. “At the beginning of the year, start files for any receipts, cancelled checks and other papers that you’ll need to file your return,” he advises. The file can be as simple as a set of envelopes in a shoe box, with broad categories that you make more specific as the year progresses and you accumulate more records.
For example, Mr. Saubert says, a file labeled “deductions” could be started in January, with all documents relating to possible tax deductions going into it. Later in the year, the documents can be sorted and reclassified into interest on a home mortgage, business expenses, charitable deductions and other applicable categories.
Once the taxpayer has all necessary documents sorted, Prof. Saubert advises, “just start with line one on the return and go until you come to something you don’t understand. At that point, get help from a publication or call the IRS for the answer to your question.”
“The best way to insure less trauma at tax time is to begin work on the return early,” he suggests. “If you wait until April 14 to prepare your return and then run into a problem, it may be too late to solve it. If you start early and find you can't deal with the return, you still have plenty of time to turn to a professional for help.”
Preparing returns early does not necessarily mean taxpayers should file early, despite the television ads by the IRS urging them to do so, Mr. Saubert says. “If you’re getting a refund, it makes sense to file as early as possible, but if you owe money to the IRS, then it’s wiser to wait to file until closer to the deadline.”
Filing early also can increase the chances of a return being audited, says Prof. Saubert. “If the IRS has more time to look at your return, it’s more likely that they might find something to question.” To decrease the possibility of an audit, he recommends filing during the week of April 15.
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