As income tax filing season begins, here are a few things to keep in mind:
- On December 29, the IRS announced that the 2015 filing season of 2014 returns will begin on January 20, 2015, a week and a half earlier than the start dates for 2013 and 2012. On that day the IRS will open electronic filing and begin processing paper returns.
- The IRS expects the number of taxpayers eFiling their returns will continue to grow. Taxpayers expecting a refund who eFile returns should anticipate receiving their refunds within 3 weeks of IRS acknowledgement of the return, whereas paper filers generally must wait 6 to 8 weeks from the time the return is filed.
- In late December, Congress decided to extend many provisions of the tax law that expired at the end of 2013, including many deduction provisions, valuable for many businesses and individuals.
- Be on the lookout for new Form 1095-B’s that will be coming from your insurance provider indicating your insurance coverage for 2014. Your tax preparer will need this form to verify coverage so you will not be subject to penalties required under the Affordable Car Act for individuals without health insurance.
- Get your information in early. Most documents should be available to you by the end of January. As soon as you have all of the documents together you should give them to your tax preparer to get your return preparation underway.
If you have questions about the extender provisions, the Affordable Care Act, or other questions about your income taxes, I would be more than happy to spend a few minutes discussing them with you.