2016 Tax Season Begins on January 19th 2016.
January 19 2016 will mark the beginning of the 2016 Filing Season. The Internal Revenue Service (IRS) announced that Tax Return filing for the year will begin one day earlier than the previous one.
The IRS will begin accepting individual electronic returns from this day. They will also begin processing paper tax returns at the same time. There is no advantage to people filing tax returns on paper now instead of using the e- file method.
The Tax Day also witnessed slight changes as Washington, DC celebrates Emancipation Day on April 15 instead of the usual April 16th, which is a Saturday. Hence,The filing deadline to submit 2015 tax returns will be Monday, April 18, 2016. Please Note that this Date coincides with Patriot's Day so Massachusetts and Maine will observe their Tax Day on Tuesday, April 19, 2016.
All in all, this Tax Season starts early and ends with a Delay. With this, Tax Payers have more than the regular time period to file their returns. But NOTE that filing the Returns within the IRS time frame can be a smart and effective way to stay safe. The IRS urges all tax payers to make sure that they have all their year-end statements in hand before filing, including Forms W-2 from their employers, Forms 1099 from Banks and Other Payers and form 1095-A from the Marketplace for those claiming the premium tax credit.
One Aspect that Tax Professionals should take care is the tax software that they use for Tax filing and submitting forms to the IRS. It is better not to choose your tax filing software only on the basis of filing dates that they provide.
Below are some tips to consider as you file your Tax Returns:
Ensure that all your Income Statements - W-2, 1099, 1098 and 1095-A are all collected, reviewed and organized.
Collect all your Receipts and Sort them all out, as this will help you get your maximum deductions during your Tax filing.
Coordinate and organize all your Deductions.
Business Owners need to organize and review their financial reports for the previous year to ensure that all Business Expenses are accounted for and recorded, so that they can claim all the necessary deductions.
Please note that picking up software that serves your tax needs better should make a smart choice.
You have to think of the various requirements, that your return filing will depend upon such as the number of Transactions, Business Size and States in consideration, then analyze the choices available to meet those requirements and pick the most suitable one.
Get a Trusted Tax Professional that can provide helpful information about advice and the ever- changing tax code.
Remember that Choosing E-File and Direct Deposit for Refunds remains the fastest and safest way to file an accurate income tax return and receive a Refund.
If you need Assistance with organizing your Documents and Accounting Records, as well as getting them ready for Tax Purposes, Feel free to call us on 202.422.4586.
Let the Tax Season Begin....................................