Do You Have What You Need?

            Now that tax season has officially started, you need to make sure that you have everything that the Internal Revenue Service (IRS) will be looking for. This means that we need to be organized with our documents that are arriving in the early portion of the year. Do not file early without supporting details from a W-2 or 1099. This can lead to mistakes and cause processing delays.

          At this point, the necessary material is already available online, or has been mailed. Make sure to review it carefully for any mistakes. Something new this year is a letter called Advanced Child Tax Credit Reconciliation. This is needed to claim the amount of Child Tax Credit that was not advanced last year. Carefully check to make sure the calculations are correct. Most refunds are issued in 21 days, but some can take longer. However, paper tax returns and paper checks will take longer than ever before.

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