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When Does the 2016 Tax Season Begin For Filing 2015 Tax Returns?

The 2016 tax season has not started yet but you can still get your head in the game!

Every season has a start and an end. Let’s take football for example. You can’t throw a few linebackers and quarterbacks on a field mid-May and tell them to play for the SuperBowl ring. There needs to be officials present and aware of what is going on… not to mention some team preparation and uniform fittings.

The same logic applies to taxes. Taxpayers can prepare for tax season all they want by gathering documents and sorting receipts. It doesn’t mean that you can submit your return to the IRS before the season starts and expect them to accept it. That’s because there are annual changes and documents that need to be issued prior to the start date.

Why are tax preparers saying that 2015 tax preparation is available now?

Some online tax preparation websites are claiming that 2015 tax returns can be prepared and filed. Well, in their defense, that’s half true. In fact, they should be advertising that you can prepare now and file much later (once the IRS starts accepting tax returns).

This may sound tempting but it could just end in more time spent on taxes than really necessary. What do we mean? Well for one, the IRS does not release the new tax forms until the very end of the year (We’re talking post Eggnog binge). That means that all of the information that you are entering onto your account may be incorrect. Not to mention that the financial year hasn’t ended yet so the income amount you enter on your account will need to be updated, regardless come January when you are issued your W-2 form from your employer(s). Continue reading “When Does the 2016 Tax Season Begin For Filing 2015 Tax Returns?”

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W-2 or W-4 Form: How Do They Affect My Taxes?

Are you confused on what a W-4 form is? How about a W-2?

You’re not alone.

The truth is, most of us don’t look at these complicated IRS forms on a daily basis, so when we do, we’re pretty lost!  However, it’s important to know the difference between a W-4  and W-2 as both impact  how much tax is taken from your paycheck and how big your refund may be when you file your taxes.

When do I need to look at these IRS forms?

W-4: You’ll receive a blank W-4 when you start a new job. As a new employee, you’ll be required to fill out this form.

W-2: Each year, at the end of January, you’ll receive a W-2 from each of your employers. You’ll refer to this form when preparing your tax return. Continue reading “W-2 or W-4 Form: How Do They Affect My Taxes?”

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Last Day to Claim a 2011 Tax Refund is April 15th!

Hurry – Wednesday, April 15th is the last day to claim a 2011 Tax Refund! 

April 15, 2015 is not only Tax Day for current year tax returns, it’s also the very last day to file a 2011 tax return and still claim a 2011 refund.

That’s because the IRS Statute of Limitations only allows filers three years from the April 15 deadline to claim a tax refund. So, it won’t matter whether you took a tax extension back in 2012.

So where does the unclaimed money go after the three years? You guessed it- the IRS keeps it!

Don’t hand over your hard earned money. File your 2011 tax return today and claim your refund! Continue reading “Last Day to Claim a 2011 Tax Refund is April 15th!”