3 On Your Side: IRS To Start Accepting Returns On January 20
By Jim Donovan
PHILADELPHIA (CBS) -- The I.R.S. will start taking tax returns in less than two weeks, and an early start may put taxpayers at an advantage this year. 3 On Your Side Consumer Reporter Jim Donovan has some advice to get you started.
The I.R.S. will start accepting returns both electronically and on paper on Tuesday, January 20th and it may be best to get an early start. Between a shrinking I.R.S. budget and a growing tax code, it could be a rocky season for both the federal agency and for taxpayers.
Filing a return early can also help reduce the chance of identity theft. Scammers like to take advantage of procrastinators by stealing W-2 information, filing fake returns, and collecting refunds, before victims are aware.
Prepare by gathering documents like last year's return and this year's receipts. Add W-2 and 1099 statements, and any interest statements from mortgages or student loans, as they arrive throughout the month.
Also think about ways to reduce a tax bill, and the documentation you'll need to back up deductions - like receipts for donations to charities.
Did you change jobs? Get married? Or have a baby in 2014? Those things will affect a tax return, as well as buying, selling or renovating a home. So start researching deductions and tax credits early to make sure they're maximized.
