Posted: Jan 25, 2013 6:17 PM by Nikki Ibarra
The Internal Revenue Service will start to process individual income tax returns on January 30, but that date doesn't apply to everyone. In fact, some people might have to wait until early March to file.
Some people file what the IRS considers more complicated forms, which include, people who own businesses or rental properties.
Kim M. Person has been doing taxes for more than 20 years and said most people file online. In fact, last year, more than 80% of taxpayers filed electronically. "The sooner you start pulling your information together, the better you will be," said Person.
While the April 15 deadline is still months away, Person suggests you not wait until the last minute. "You start to stress and you tend to procrastinate in order to avoid that stress and, of course, once you get it done it's like phew," added Person.
Right now, the IRS doesn't anticipate a delay in sending out refunds.
The way it works is if you file online and sign up for direct deposit, you should get your refund within 7 to 10 days. If it's by regular mail, then you are looking at 30 to 40 days.
By law, you should receive your W2 forms by January 31.
Although the deadline to file your taxes is April 15, you can request an extension until October 15.
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