People are in for a revelation this tax season. The IRS has decided that they will not be accepting tax information until January 21, 2016. If it is important for a person to file their taxes now, they should first consult the refund chart below for e-file dates.
Filing the taxes is not a problem; the only obstacle in the way of receiving a refund quickly is that whoever files the taxes for you cannot send them to the IRS until January 21, 2016.
Early tax form submission
When an individual submits their tax forms early this means that they have all the proper documents together. These documents will include your income, expenses, home, and investments for the 2015 tax year. Documents that are submitted to the IRS include:
- W-2 forms
- 1099 forms
- Bank Statements
- Brokerage Statements
- Receipts, and
- 2439 forms
Without having these documents ready when they are needed it makes no sense to file your taxes early. Those individuals who do not have all the forms should not file just yet, but many do which in return causes them to have to have their taxes amended in the following year.
Avoid having taxes amended
Amended tax returns must be completed using the form 1040X. The 1040X is used to amend taxes filed on forms 1040, 1040A, and 1040EZ. If you are a person who likes filing your documents electronically, please wait until you have all of the proper documents to file your taxes.
With the 1040X, a taxpayer cannot send their return in electronically; this document must be submitted by paper. If not submitted by paper the IRS will not accept. In addition, if there are other tax forms that need to be amended they cannot be placed in the same envelope.
It definitely takes too much time and all of this could have been completed in the previous year if an individual would wait until they have all of their proper documents before submitting their tax forms.
Turbo Tax is available for all tax filing purposes. This company will help make sure that your taxes are submitted according to the IRS refund chart, and will ask question to ensure that you have all the documents needed to avoid having your taxes amended in the next year.
With Turbo Tax, you can file your taxes on January 21, and know that none other than yourself has completed them in a professional way. There are five editions to Turbo Tax that all ensure that you are receiving the package that is best for you, and for the right price. An advantage of filing with Turbo Tax is that if you have a simple return you can file it free, as long as there are not any state taxes involved.
Turbo Tax will be available for those individuals who do not chose to sit in a tax preparer’s office waiting to be the next person called to file their taxes. Turbo Tax users can e-file their taxes from the comfort of their own home. Turbo Tax is currently the only company that guarantees they have the ability to get you the largest refund possible.