Tax season is upon us once again, and as the year begins, many people are wondering when they can start filing their taxes. If you’re one of those individuals who want to get a head start on your tax returns this year, keep reading for answers to some frequently asked questions.
Why Would Someone Want to File Taxes Early?
Filing taxes early can have several benefits:
Getting refunds faster: Filing taxes early may mean getting any refund owed sooner.
Reducing stress: By completing this task earlier in the year, people feel less stressed and more prepared when it comes to knowing how much money they owe or need back from the government.
Fighting identity theft: Filing your return as soon as possible is an effective way of minimizing the risk of someone fraudulently using your Social Security number.
When Can You Start Filing Your Taxes?
The official date that the Internal Revenue Service (IRS) will begin accepting electronic tax returns for most individual tax filers is February 12th, 2021.
However, it will likely take longer than usual for taxpayers who file paper documents like physical forms since IRS workers aren’t yet back in their offices due to Covid-19 concerns, making processing these types of returns difficult or impossible at home.
For those seeking help with preparing their taxes can turn up professional services from Certified Public Accountants (CPAs), Enrolled Agents (EAs), and other professionals specialized on tax laws starting January itself.
It’s important to remember that while you may be able to file your federal income tax return starting from February 12th if you’re ready before then make sure use professional services assistance priorily rather than waiting until last minute rush crowds surge causing a delay in turnarounds by officials around mid-April.
What Are Some Frequently Asked Questions About Filing Taxes Early?
Here are some common questions people ask about filing taxes early:
Can I file my taxes before the official start date?
No, you cannot. The IRS will not accept any tax returns prior to its designated start date.
What if I am still waiting for my W-2 or 1099 form from an employer or bank?
If you haven’t received these forms yet, then it is best to wait until they arrive before filing your taxes. These documents are necessary to prepare and verify your tax return information accurately.
However, many employers and financial institutions offer electronic copies of these forms that can be accessed online through a personal account website. Check with them regarding managing access credentials.
Can I file state taxes early too?
Each state has different rules regarding when taxpayers can file their state income tax returns. Additionally, states may require different information than the federal government does.
It’s worth mentioning here that CPA’s have dedicated clients list whom they help preparing their year around finances by adhering constantly updated jurisdictional laws often unaware by general public approach as per requirements.
In summary, while filing income taxes earlier in the year can provide several benefits such as receiving refunds faster easing the stress off waiting till last minute surge crowds increasing chances for frauds on social security issues many people consider seeking expert advice beforehand which might eventually turn out far much beneficial — e.g., avoiding errors leading suspension of refund claims altogether thus hiring professional services like EAs/CPAs could make it infinitely more convenient pace ahead with proper planning.
Additionally as this pandemic continues work remotely mostly effective physically filed latest records including those who would seeking filed within deadlines due Covid19 must stay cognizant maintaining safe-distancing protocols recommended thereby opting digital means during consultations until further notice provided eventually normal life resumes once again without any hiccups
Sure, here are three popular FAQs with answers related to “Tax Time: How Early Can You File Taxes?”.
Q1. When can I file my taxes for the current year?
A1: Typically, the IRS accepts electronically filed tax returns starting from mid-January. For example, for the tax year 2021 (filing in 2022), electronic filing started on January 24th, 2022. However, depending on your state and individual circumstances you may be able to file earlier or later than this date.
Q2. What if I need more time to prepare my taxes before filing them?
A2: If you need more time to gather all necessary documentation or information regarding your finances and taxes, you can request an automatic extension until October by filling out Form 4868 with the IRS. However, it is important to note that while it will give you additional time to file your return paperwork; any payment owed must still be paid by April 15th.
Q3.What should I do if I receive a W-2 form after filing my return?
A3: If an individual receives a W-2 form after they have already filed their initial return but before the deadline for taxes passes (usually April 15th), they would typically need to amend their return using Form 1040-X through which taxpayers can make corrections or changes within three years of the original filing date.