If you’re organized enough to have all your tax documents in order, you can go ahead and get a jump on the tax season by e-filing. The Internal Revenue Service says it’s ready to process tax returns filed online.
The Wall Street Journal’s Total Return blog notes that the IRS can get your tax return back to you within 10 days if you e-file. If it turns out that you owe the government money, you can still file early and have the government deduct the funds from your account as late as April 17.
There probably aren’t a whole lot of taxpayers ready to file just yet, because many employers and banks take all the time they’re legally allotted before issuing the necessary forms. Businesses must distribute W2s by the end of January and banks must send 1099 forms by Feb. 15.
It never hurts to get started on your taxes as early as possible, just to get a read on your situation. If you find out you’ve got a refund coming, you’ll want to get things in motion quickly. If you owe money, you’ll at least find out how much you’ll have to cough up and adjust your budget accordingly.
The IRS Wants You to E-File Right Now [The Wall Street Journal Total Return]