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What you need to know – The Motley Fool



Taxpayers feel very anxious as the tax season is approaching. In addition to all the tax reforms that will make major changes in the return for the 2018 tax year, the government's suspension has raised concerns about whether the Internal Revenue Service could accept returns at all if the legislator and the White House were unable to decide how to fund the activities of the tax authorities.

Earlier this week, the IRS rested on some worries about when the tax season would begin, and as of January 29, 2019, the tax system begins to accept 2018 returns, but it also pays repayments to the taxpayer according to plan, but despite the official start date of the tax season. You must understand that there are reasons why you might not be able to film quickly ̵

1; and the IRS may not begin to treat your return as soon as you want. a quick refund by making sure your return is cow straight and does not give any red flags leading to unnecessary delays.

  Alarm clock on a table, behind piles of coins and letter magnets spelling Tax.

Image Source: Getty Images.

A second consecutive year for a late tax season

Historically, the IRS often succeeded in accepting returns in three weeks in January. But from time to time, some complications arose which made it necessary for the tax situation to spend more time preparing. Last year, the IRS had to look at the just-transferred tax reform measures to see what impact it might have on the 2017 returns that taxpayers would leave. It was sensible, given the end of December, the introduction of the reform work and the rapid turnaround that was necessary to incorporate them into the tax office's activities.

This year, the IRS distorted to prepare for any changes during the tax reform. It took an annual work in 2018 to take on tasks that varied from creating a brand new universal 1040 form for all taxpayers to ensure that all instructions and tax forms reflected new tax laws. With the IRS already briefly staffed, the government simply weakened what was already a high stress situation for federal workers for the tax office. However, it was clearly important to keep the deadline by the end of January for the agency and start the tax season as early as it represents a major victory for the IRS.

Here are some tips for managing the tax season as efficiently as possible.

first Do not wait to work with your tax collector

One thing to remember is that there is no need to wait for ready to leave your return. Tax professionals and tax software companies already accept customers and begin preparing tax returns, and the official start date of January 28 will not prevent them from doing everything they can to get their applications ready. Once on January 28, sends the completed returns when IRS systems can accept them.

2nd Watching Electronic Filing

As always, the IRS once gives the opportunity to encourage taxpayers to submit electronically. Doing so will minimize errors and increase processing, enabling faster repayments. If you use a tax test or use tax software, electronic filing is usually offered as part of the package.

The IRS message did not talk about how the paper yield will be processed this year, but last year the tax service said the paper recycling would not start processing until mid-February. If the shutdown continues, the IRS will be under heavy load, which could give electronic archiving an even greater advantage over paperback this year.

3rd Do you get income income or extra child tax? Prepare to Wait for Refunds

The tax reform made some major changes, but it did not remove rules that require some taxpayers to wait for their contributions. Those who receive labor income tax or the extra child tax credit cannot pay repayments on these returns until mid-February.

By introducing additional delays, the IRS can cross-talk numbers to ensure that the taxpayer claims these credits legitimately. Historically, these two credits have been common targets for those trying to abuse the system, as they provide repayable amounts to return to taxpayers, even if they have no other tax liability. The taxpayers can expect normal treatment of their returns – the IRS will only hold back on repayments until the statutory deadline passes.

4th File when you are ready

Just because the tax season starts on January 28, it does not mean that you should file if you do not have all the information you need. Even the serious W-2 forms that employers give to their employees need not go out until January 31. If you have bank or broker accounts, it may be good in February before you have all the tax forms you "It is needed, and some forms of more complicated tax problems take even longer to go to the taxpayers.

The worst thing that can happen is that hurry up your return to find out that you have left something, if you do, you will need to submit a modified return, and it may add any kind of complications – as well as potential interest and punishment if you are not in time for to answer the changed circumstances.

Get ready for the season opener!

It is impressive that the tax authorities expect to start the tax season even with the potential difficulties associated with the government's suspension, by understanding what is involved in getting your return in and processed, you will be more likely to be among the first to get your earned repayment back in your hands. [19659022] fool.insertScript (& # 39; facebook-jssdk & # 39 ;, & # 39; / /connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.3 & # 39 ;, true);
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