Personal Finance: Getting Organized For Tax Season

Being Prepared and organized typically removes any anxiety and definitely will help you avoid that last minute rush on April 15 and if you begin taking action now, you can limit the sting when the deadlines start approaching. Here are few tips to consider.

Wage Statements - Employers need to get tax statements to their employees by January 31...1099s if you paid independent contractors for services in excess of $600 and W-2s for other employees. Many statements can be found on-line, so you might want to check and then print them for your records, otherwise, check the mail.  Remember, even if you don't, for some reason, receive your income statement, you still need to report that income when you file your tax return.  So get busy, especially if you have moved and changed addresses, because the

Personal Finance: Get Ready For Tax Season

The Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns for the 2012 tax year on Jan. 30.  The announcement means that the vast majority of tax filers, more than 120 million households, should be able to start filing tax returns starting then. The remaining households, those who file more complex tax returns, will be able to start filing in late February or into March because of the need for more extensive form and processing systems changes. This group includes:

• people claiming residential energy credits
• depreciation of property 
• general business credits.

If you are thinking of filing a paper tax return before Jan 30...don't.  The IRS will not process paper tax returns before the Jan. 30 opening date.... there is no advantage to filing on paper before the opening date.  And, the best option is to file electronically and receive your tax refunds with direct deposit....it's much faster than snail mail.