Tax season is just around the corner and after the government shutdown, anxiety levels are high wondering if the IRS will be able to process returns quickly.
The IRS put those concerns to bed last month when they announced that beginning January, 29th, 2019 they will start accepting tax returns, and refunds for the taxpayers will remain as scheduled, by having 46,000 employees back to work.
Here are some helpful tips to make sure that you are prepared to send in your Tax Forms and not cause any unexpected delay in filling and/or receiving your refund:
- Get Prepared!
If possible call ahead or speak with your tax preparer about what things you will need to bring with you to the meeting. Gather up all the documents you know you will need for filling your taxes. The more organized and prepared you are to start, will pay off in the following weeks. Go ahead and bring things that you think might be important, that way you don’t have shuffle around another meeting to get everything accomplished. Or click Here for an example tax appointment checklist.
- Wage and Earning Statements
- Previous Years tax return (for new clients)
- Expense Records
- Health insurance documents
- IRA Information
- Business Expense Receipts
- Bank Information- if you are wanting your refund to go directly to your bank account
- If you were affected by a disaster
- Business Use of Home Information
- Don’t wait!
The sooner you can get in to speak with your trusted advisor, accountant, lawyer, preparer the better. Just because you can start filling on January 29th does not mean that you cannot start before then. Tax professionals and tax software are already up and ready to help you prepare for your fillings.
- Go Electronic!
If you are willing and able to go electronic it is recommended to do so, as it speeds up the process while also minimizing the risk of errors. Whether you use a tax agency or software filling electronically is typically offered as part of the package. If not speak with someone directly. Filling online also allows you to keep track of where you are in the realm of refunds. Finding out just as soon as your information has been received, checked and approved, within a short amount of time, so there is no guessing on if your information arrived safely. You can also have any refunds set up to go directly into the account of your choosing, so it arrives instantly and not via snail mail.
- File and Wait
Now that you have all of your tax information uploaded and submitted to the platform of your choosing, you can elect how you want to receive your refund (if any). The nice thing about most online filings is that you can designate it to go directly to your banking accounts. When filing online you also have the unique option of seeing where you are in the process, you can get updates when your return has been accepted, processed and when you should expect the funds to go to your accounts.
After that you can sit back, relax, and wait for the IRS to process your return.
If you cant decide what to do with your tax returns this year maybe consider donating to one of the many local Oklahoma charities.
Disclosure: This analysis is based on information obtained from sources deemed to be reliable. Triton makes no representations or warranties regarding the accuracy or completeness of information used in this analysis. The information presented is general and educational in nature without regard to individual facts and circumstances of a particular person and may not be relied upon as individualized advice. Please consult your financial and tax advisors to review your individual facts and circumstances for individual advice.