North Platte, Neb. (KINOP) - Now that the end of January approaches, many people can start thinking about taxes again. The IRS does not start electronic filing until January 29, and if you have children or dependents, the IRS will not process your return until February 15.
But it is not too soon to be getting papers together, and to be filing to get in line.
The IRS requires W-2's to be mailed out by January 31. So you may have already received yours. Some trickle in February 1st or 2nd, depending on mailing time.
The delay to returns with dependents is a safety precaution to stop fraudulent returns, protecting the United States Government, and individuals.
So the earliest that a filer can expect a return (if they claim dependents) is February 27.
Tim Anderson, Franchisee of H&R Block in North Platte and other locations, is an enrolled agent. He explained that filers who come into the office have the opportunity to get a refund advance of $500, $750, $1250, or $3000 through the Bank of the Internet if they qualify. Those funds are available at the time of filing, but only in office.
He weighed the pros and cons of filing "in office" versus "H&R Block Website," or other online tax preparation site. He said that the pros of coming into a store include professional, individualized attention and advice from preparers.
They take appointments, and walk-in are welcome. It takes from 45 minutes to an hour and a half to finish taxes, depending on the complexity. They offer a drop-off service, as well.
Gathering documents and tax papers prior to coming in is important; such as - W-2's, receipts, college expenses, 1098's, and other income and credit information.