Stretch Your Dollar: Filing your taxes early in 2020

Stretch Your Dollar

Starting Monday, January 27, the IRS will start accepting tax returns. We’re stretching your dollar with some reasons why you should consider filing early this year.

Monday, January 27 marks the beginning of tax season. It’s the day the IRS will begin accepting returns for 2019, and if you have a return coming, the sooner you file the sooner you can expect the cash back.

The IRS typically issues refunds for electronic filers within three weeks. That’s according to financial website The Motley Fool. Filing a paper return can take about twice as long for a refund to get to you and calculating your taxes early can help you in a number of ways.

Getting a refund early can help you tackle those leftover holiday bills. If you owe the IRS money, knowing well before April 15th gives you time to plan on how to pay it.

As the The Motley Fool points out, keep in mind you can always submit your return early, but you don’t actually have to pay that tax bill until the April deadline.

So be on the lookout for your W-2 forms, which usually arrive via mail or electronically by the end of January. Any 1099 forms for non-salaried income should also arrive over the next couple of weeks.

One other thing to remember — filing early is also a way to guard against scammers. Once your return is accepted by the IRS, a crook wont be able to file a fraudulent return and grab your refund.

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