For many of us, the New Year marks a time of resolution, reflection and recovery – the hectic holiday season is fresh on our heels, and many of us are just trying to settle into the new routine and setting goals for the upcoming year. April and its income tax deadlines aren’t top of mind for many of us and may feel like a far off date in the future, with plenty of time before tax crunch time begins. The experts at Optima Tax Relief advise that now is the time to start planning your taxes to set yourself up for a smooth and painless tax season come April, and walk us through some of the common questions many taxpayers may be having this time of year as official documents start to arrive.
Now is the time to start watching your mail for some of the key documents you will need in order to file your taxes seamlessly and expeditiously come April – and hopefully get your tax return back just as quickly. In fact, you can expect these important documents to arrive to your mailbox by the January 31st deadline imposed on employers and other tax-contingent service providers.
What To Look For
Your employer is required to mail you your official W2 and or 1099 form by the end of January. Additionally, you may receive an additional 1099 related to any pensions, annuities, retirement, profit-sharing, and IRAs by the January 31st deadline as well.
What Do I Do If I Don’t Receive Them In the Mail?
If you haven’t received any tax-related forms from your employer by the IRS imposed deadline of January 31st, contact your employer immediately. If you are having difficulty securing these documents from your employer, it is advised to contact the IRS directly by the end of February in order to be ready for filing season.
What If I Find An Error In These Documents?
If you find an error, either in the documented earnings or your name or social, it is advised to contact the IRS to have this rectified. The IRS will contact your employer and work with them directly to ensure the proper and/or corrected documentation is produced in time to file.
What Information Do I Need To Provide the IRS In Order to Finalize These Forms?
Be prepared to provide the IRS the following information when you contact them – as they will be contacting your employer and/or payer:
- Name, mailing address, phone number, social security numbers and/or as well as accurate employment dates. and dates of employment,
- Your employer and/or payer’s name, official mailing address and phone number
- Your employer and/or payer’s EIN number.
If you don’t receive the missing or corrected form in sufficient time to file your tax return, you may use Form 4852 to complete your return, and you will be required to estimate your wages, payments and withholdings.