SPRINGFIELD, Mo. -- The tax filing season officially
kicks off Wednesday, January 30.
That's when the Internal Revenue
Service (IRS) will begin processing individual income tax returns.
Now is the time to start collecting
all of the paperwork from your employer, bank, stocks or bonds and retirement
accounts.
The IRS recommends filing electronically
with direct deposit, because it means less room for mistakes.
"People say, 'Well, what are
the chances of people getting one of those nasty notices from the IRS?'" says Michael Devine with
the IRS. "If you do it electronically
and file it electronically, the chances of getting one of those notices is less
than 1 percent. If you do it by paper, the error rate goes up to as high as 20
percent."
Those who make less than $57,000 a
year can access free software to file their federal returns on IRS.gov.
Nine out of 10 taxpayers should see
their refunds in fewer than 21 days.
See Also: So
You Got Your W-2...Now What?
