Experts: file your taxes early this year

Tax experts say you should get your tax return filed with the IRS at least by early next week.

Not only will you get your return faster, but there is a possibility of another government shutdown starting late next week.

CNBC Personal Finance Writer, Darla Mercado, says there is already a lot of confusion among tax filers, even with the new 1040. She says, “It is now postcard size. But what you need to be aware of there are now six schedules that you need to complete and file that return”

There are no more personal exemptions, but the standard deduction is much more generous, doubling for single and married taxpayers. That is why this may be a good year to get help preparing your taxes from a professional or use an online program or tax prep software.

The IRS expects 90 percent of all returns to be filed electronically this year, which will speed up processing time, as long as another shutdown does not cause another slowdown.

(NBC’s Chris Clackum contributed to this story)

 

(Source: CNYCentral.com)

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