Advantages of filing your tax return early

post-it-819682_640If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline (this year, April 18) is just a few weeks — or perhaps even just a few days — away. But there’s another date you should keep in mind: January 19. That’s the date the IRS began accepting 2015 returns, and filing as close to that date as possible could protect you from tax identity theft.
How filing early helps
In this increasingly common scam, thieves use victims’ personal information to file fraudulent tax returns electronically and claim bogus refunds. When the real taxpayers file, they’re notified that they’re attempting to file duplicate returns.
Tax identity theft can cause major headaches to straighten out and significantly delay legitimate refunds. But if you file first, it will be the thief who’s filing the duplicate return, not you.
Another key date
Of course you need to have your W-2s and 1099s to file. So another key date to be aware of is February 1 — the deadline for employers to issue 2015 W-2s to employees and, generally, for businesses to issue 1099s to recipients of any 2015 interest, dividend or reportable miscellaneous income payments.
An added bonus
Let us know if you have questions about tax identity theft or would like help filing your 2015 return early. An added bonus of filing early, if you’ll be getting a refund, is enjoying that refund sooner.

Be aware of these tax deadlines

 
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A new year means tax return filing season has arrived once again. Among the tax deadlines you may be required to meet in the next few months are the following:

 

 
● January 15 – Due date for the fourth and final installment of 2015 estimated tax for individuals (unless you file your 2015 return and pay any balance due by February 1).
● February 1 – Employers must furnish 2015 W-2 statements to employees. Payers must furnish 1099 information statements to payees. (The deadline for Form 1099-B and consolidated statements is February 16.)
● February 1 – Employers must generally file 2015 federal unemployment tax returns and pay any tax due.
● February 29 – Payers must file information returns (except Forms 1095-B and 1095-C) with the IRS. (March 31 is the deadline if filing electronically.)
● February 29 – Employers must send W-2 copies to the Social Security Administration. (March 31 is the deadline if filing electronically.)
● March 31 – Large employers must furnish Form 1095-C to employees.
● May 31 – Forms 1095-B and 1095-C due to IRS. (June 30 is the deadline if filing electronically.)