You can file your federal taxes as early as Jan. 1, if you have all the necessary documents (W-2’s, 1099’s, interest statements, etc.). However, if you plan on filing your taxes electronically and hope for a rapid refund, you’ll have to wait until Jan. 30, the first day the Internal Revenue Service begins accepting e-filed tax returns.
Employers and other payers are required to have W-2’s and all required documents postmarked in the mail to you by Jan. 31.
According to the IRS, last year’s average tax refund was $2,805.
Want to keep more of your money this year? For many families, it makes more sense to have that income on a weekly basis for household needs than to allow the goverment to keep it (and earn interest on it!) for the entire year and then pay some hefty fees just to get back money that was yours to begin with!
If you normally get a large refund and want to change it up this year, you can use the IRS online withholding calculator to determine your number of exemptions. The more exemptions you qualify for, the more of your own money you get to keep. Once you’ve figured that out, just submit a revised W4 to your companies’ human resources department.
Like having a lump sum payout in January? Put that amount into a savings account this year. You’ll earn interest on the money you work so hard for, not to mention saving yourself rapid refund fees in January.
Post published by Melissa Roach, our Product Review & Giveaway Specialist.
Melissa is a Full Time Mom & Blogger HERE (please check out her blog!)