Buy Like Buffett: Your 2010 Tax Return Filing Checklist

We are only one month away until tax season will be upon us. April 18th will soon be here and lots of people will either be scrambling to the post office or to their personal computers to file their taxes. It's still not too late for you save yourself from the headache of filing your taxes at the last minute.

In order to help you get properly prepared to tax season, here is a handy checklist of things that you should do before tax time.

Maximize your retirement plan savings

Just because we are in 2011 does not mean that it's too late to make a contribution to your retirement plan for 2010. You have until April 18th to contribute to your IRA or Roth IRA for 2011. Make sure that your contribution is postmarked by April 18th and clearly state that the contribution is for the tax year 2010. You don't want to miss out on the opportunity to stock away money for your future.

Hire a tax professional

The best thing that you can do when doing your taxes is to get some assistance. Assistance can come in the form of hiring a tax professional. Certified public accountants can help you take advantage of tax credits that you may be eligible for. They can also help you find deductions that you may be forgetting to include on your tax return.

Pick up tax preparation software

If you can't afford to pay a tax professional, tax preparation software may fit the bill for you. TurboTax is the most popular tax preparation software on the market and helps to make filing a lot easier. You can avoid making calculation mistakes by letting TurboTax do the numbers for you.

File for a tax extension

If you already know that you are not going to be able to get your taxes done by April 18th then you should file for a tax extension now. All that you have to do is visit the IRS website and e-file Form 4868. This form once approved will give you an automatic six month extension. It doesn't exempt you from penalties and interest if you owe taxes, but it does give you more time to file.

All of these tips are designed to give you the best chance at success during tax season. Remember to start early so that April 18th doesn't sneak up on you and you are not left pulling your hair out at the last minute.

Mark Riddix is the founder and president of New Horizons Financial Management, an independent investment advisory firm that provides personalized investing and asset management consulting. Mark is a regular contributor to Seeking Alpha and has written financial columns for Baltimore and Washington, D.C. area newspapers. Mark publishes his own financial blog, BuylikeBuffett.com and has written the book Your Financial Playbook.