Tax season is right around the corner and expectations are a majority of Americans will be submitting returns earlier than normal this year. While some will have to wait until they receive documentation from other sources (banks, investment funds, retirement accounts, etc.), many will simply be able to file after they have received a W-2 or 1099 form. These are distributed prior to the first calendar month coming to a close, meaning filings may take place as early as mid to late January.
The benefits of filing taxes early
are plentiful but for those who are expecting a refund, getting money back in your pocket as quickly as possible is often a priority. Some institutions advertise “faster refunds” or even “advanced refunds” for a fee, but the best practice remains receiving your full amount in a timely fashion for free.
Paper filings can be completed beginning on the first of January but electronic submissions will not be accepted by the Internal Revenue Service (IRS) until later in the month. However, no returns - regardless of how they are submitted - will be processed by the IRS until the electronic system is up and running.
Typically, once the IRS begins processing tax returns refunds are distributed within about two weeks but it may depend on information associated with your filing. If you claimed the Earned Income Tax Credit or Additional Child Tax Credit
then don’t expect a refund until some time in March, regardless of when you file.
Choosing to have your refund returned electronically via direct deposit into a bank account will also help speed up the process. Instead of having to wait on the mail to deliver a paper check, these funds are immediately distributed once they have been verified. The IRS also offers an online tool
in order to help track the progress of your filing and refund status.
Once you’re ready to file a return or if you have any other tax related questions, let the tax professionals at Bloch Rothman and Associates
assist you today. In addition to providing answers for your questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a top quality tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us
today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!