Receive Paper Work

You should receive tax forms in January and February from your respective employers as well as from places you have received any sort of income whether it be stock gains, inheritance or annuities from a retirement fund. W-2 forms are sent from your employer, 1099-MISC forms come from any freelance work you have done, 1099-DIV forms are for dividends paid to you from mutual fund companies and brokerage firms, 1099-INT forms are from banks reporting on interest income and 1098 forms are from your mortgage company reporting the amount of interest you have paid for the year.

Review these documents and file them away in a safe place as they come to you.

Have Personal Records On Hand

If you only have a single job and received a W-2 form, filing is easy. However, if you are self-employed or have various sources of income, you may need to keep accurate business records to ensure that you gain the maximum amount on your return.

Gather receipts for equipment purchases, phone expenses, transportation expenses and anything else that qualifies as a business expense as these expenses count as deductions--a reduction in the gross amount on which your tax is calculated. If your office is in your home, you may be able to partially write off your gas and electric, cable, Internet and water expenses as deductions.

File the Right Tax Forms

Once all of your tax return documents have been collected, choose the correct tax return form to file. You may choose the 1040EZ, the 1040A or the 1040. The 1040EZ can be used when you have one job (one W-2) and only standard deductions. The 1040A is a bit more complex but allows you to add more deductions such as money you have paid toward student loans. This can potentially add hundreds of dollars to your tax return.

The 1040 is the most complex and longest of the tax return documents. File a 1040 when you have a higher income, itemized deductions or complex investments to report. While complicated, this document allows you the most control over your tax return filing.

In order to maximize your tax return--or to simplify the entire process for you--think about hiring a professional tax preparer or a certified public accountant. While you may need to pay that person $50 to $100 (depending on the amount of your return) a good CPA can save you hundreds or thousands of dollars.