Filing Your Taxes Early? IRS Will Start Processing Returns on January 31
Wealth Management Financial Advisors. Long Beach CA.
Tax season for individual taxpayers opens on January 31, 2014. That doesn’t mean you can’t submit your information early to WMFA or your certified IRS tax preparer, we are– accepting information early and hold tax returns until the IRS systems open for processing. However, early submission assumes you have your complete tax information. That includes your forms W-2, 1099, 1098 and the like which your employer, bank and financial institution is under no obligation to send early (though they may).
WMFA Loan Modification clients, it is critical the WMFA prepare or review your taxes.
Why You Need To Provide Tax Returns
Many people ask why a bank needs copies of tax returns when they already have your paystubs which basically contains this information. One reason is that this provides additional verification of your income and details your financial status over a yearly period. It also shows a bank any other potential income a borrower may have.