With the holiday hustle and bustle, you might have missed this tidbit of 2014 Tax news. The IRS released a press release on 12/29 that states that e-filing of your 2014 taxes can begin as soon as January 20. Earlier releases by the IRS had put the date out until the end of January. Early filers, rejoice!
Those of y'all who still need/want to file paper returns, the January 20 date still applies to you as well.
Here are some tips I have of getting all of my tax information ready!
1. Have a home for those tax documents that come in the mail. Keep them all in one safe, secure place.
2. Grab last year's tax return. Review it. Make note of anything out of the ordinary such as a stray 1099 that you might have received last year. This will help you have a better idea of whether you have all of your forms to file or not.
3. Download any electronic 1099/1098s. Banks and student loan/mortgage servicers often have these online at the beginning of January. Be wary, too, if you receive paper statements as sometimes the 1099/1098 form is inside the envelope.
4. Download your PayPal log if you used it for business purposes. It takes a while to get the log, so request it now. If you're downloading a whole year's worth of data, PayPal will email the file to you, but it's often not instantly.
5. Track down your charitable expenses now instead of waiting until you sit down to file. See earlier post about 2014's standard mileage rates.
6. Review your finances! You may be able to defer money into a retirement account to help save on your tax bill for 2014.
7. Consider e-filing if you can. It's much more secure than paper filing and you receive your money faster. Opt for direct deposit and there's no worries about a lost check.