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The Benefits of Filing Taxes Early

MWE Headshots Thumbnail LanceChristensen - The Benefits of Filing Taxes EarlyThe regular filling deadline for individual tax returns is Wednesday, April 15th, and filing early has its perks. U.S. News & World Report caught up with MWE tax partner Lance Christensen to talk about the benefits of filing early, and how to avoid tax fraud.

 

 

 

usn logo large 300x76 - The Benefits of Filing Taxes Early

When Is the Earliest I Can File My Tax Return?

The IRS will begin accepting returns for the 2019 tax year on Jan. 27, 2020. However, not everyone will be able to file then.

Employers have until Jan. 31, 2020 to mail out W-2 forms, which record worker wages, tax withholding and other data that is crucial for tax filings. The same deadline applies for 1099 forms, which are sent to independent contractors or used for nonwage sources of income such as interest or disbursements from retirement accounts. Meanwhile, those who own pass-through entities such as a partnership or S-corporation may not get tax forms for their business income until March.

Even those who do have all their paperwork before the end of January should be careful not to rush their return. “You don’t want to be too hasty,” says Lance Christensen, partner with accounting firm Margolin, Winer & Evens LLP in Uniondale, New York. “You want to have time to get it done right.”  Read More>>>

 


Read: 2020 Q1 tax calendar: Key deadlines for businesses and other employers

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