The Social Security Administration reports that January 31st is the deadline for employers to distribute Internal Revenue Service Form W-2 to employees. For many, this may be the only document needed, and those individuals can file their taxes as soon as it is in their possession.Continue Reading
There are other forms (IRS Form 1099 and related forms) required in different circumstances that individuals need to file taxes. Self-employed individuals are free to begin completing necessary paperwork as soon as they have finished doing business on December 31st. Most revenue data needed is already available, as well as most documentation of expenses.
For those who have let filing deadlines lapse, it is advisable to file as soon as possible and make arrangements to pay any owed taxes immediately. It is beneficial to file as soon as possible if receiving a refund as well.Learn more about Income Tax