TAX TIPS
Tax tips are not a substitute for legal, accounting, tax, investment, or other professional advice. Always consult with your trusted CPA before acting upon any tax tips.
The Internal Revenue Service announced plans to open the 2014 filing season on Jan. 31 and encouraged taxpayers to use e-file as the fastest way to receive refunds.
The new opening date for individuals to file their 2013 tax returns will allow the IRS adequate time to program and test its tax processing systems. The annual process for updating IRS systems saw significant delays in October following the 16-day federal government closure. The IRS cautioned that it will not process any tax returns before Jan. 31, so there is no advantage to filing on paper before the opening date. Taxpayers will receive their tax refunds much faster by using e-file with the direct deposit option. The April 15 tax deadline is set by statute and will remain in place. However, the IRS reminds taxpayers that anyone can request an automatic six-month extension to file their tax return. The request is easily done with Form 4868, which can be filed electronically or on paper. For more information regarding tax tips contact your trusted CPA or www.IRS.gov.
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