Posts Tagged ‘filing too early’

Use The Internet To Your Advantage Throughout This Tax Season!!!

Thursday, January 13th, 2022

The exclusive purpose for the information which is provided from this website is to disseminate information, and not to provide tax advice. 

Previous posts below  provide detailed information regarding what to expect this tax season, actions that are not advisable at all (paper filing, not using direct deposit, etc.).  This article provides information regarding options that are available to you to save time, reduce your frustration, stress and headaches.  The methods that are recommended will require the use of your computer and the Internet.  You will also need to use tax return preparation software yourself, utilize a tax return preparation service, or engage a Certified Public Accountant.

It is essential that whatever method that you use, your tax return must be current, accurate, and complete when filed.  There is a “2021 Tax Return Questionnaire” from the “Information Center” page of this website that will guide you through the assembly of all of the information that you need to have available.   Additionally, be cognizant of the fact that some third parties often identify errors in the reports that have been previously provided to you and the IRS.  When identified the issuer will send you and the IRS an “Updated” or “Corrected” report or return.  Therefore, IF you have already filed your tax returns, it will probably be necessary to file an “Amended” tax return.  This is not a good circumstance in which to be!!

My practice experience has caused me to wait 60-90 days after the original tax returns were filed before an amended tax return is filed to provide the IRS with the time to process the original or initial tax returns.  The IRS is a very large organization with many offices and employees.  If you file the amended return prematurely, there is a relatively high risk that your amended return may be processed BEFORE the original tax return.  This is also a very bad situation!!

(more…)