Each year the tax-filing deadline is April 15th. Almost anyone who has filed taxes before knows about the April 15th deadline. Did you know that the IRS doesn’t start accepting tax returns until a certain date that changes every year?! For 2020, the first day the IRS will accept a tax return is January 27th, 2020. But why does this matter?
Benefits for Filing Early
If the IRS owes you a refund, the sooner you submit a tax return, the sooner you can expect your cash refund! It usually takes around three weeks for the IRS to issue a refund after taxes have been e-filed and that time period doubles for paper returns! If you are due for a large refund, it will be beneficial to file your tax return ASAP so that you can pay off any expenses earlier. However, if you claim the earned income tax credit or the additional child tax credit, your refund will be delayed longer than three weeks due to high levels of fraud on these specific tax credits.
Keep in mind if you owe a tax bill you can file anytime before April 15th with tax bills not owed until the deadline! File early to have plenty of time to save up to pay your tax bill, if applicable!
Another benefit to filing taxes early is helping you avoid tax fraud. If a criminal steals your data and files a tax return in your name before you do, the IRS will automatically reject your return. This will cause a huge headache for you that is easily avoidable! No one wants to fill out extra forms and send in extra documentation on top of the already painful tax preparation.
When should I receive my tax documents?
Your W-2, which summarizes taxable wages, and any applicable 1099 forms, which summarizes any extra nonsalaried income, by the end of January – whether by mail or electronically. For simple returns, those are the two main documents needed to file a tax return. If you plan on itemizing on your tax return, you will need to wait for additional paperwork such as mortgage interest statements, copies of charitable donations, medical expenses, and any other deductions that you are looking to claim.
There are many online resources to help you file taxes, but working with a CPA may help you maximize your refund or lower your tax bill. All tax returns submitted at Jenkins CPA are double-checked by a CPA to ensure your refund is prepared properly – not all big-box tax stores or online resources do this!
Contact Jenkins CPA with any questions or to schedule your tax appointment. 417-725-3924 | info@jenkinscpa.com