(UNDATED) – Filing your taxes will be less stressful if you start preparing now. This could also lead to a refund faster.
Be on the lookout for the forms you will need to file. All employers are required to provide W-2 Forms to employees by January 31, 2021. Quick reminder for businesses: this also means your WH-3 must be submitted by Feb. 1, 2021. If you are a contractor, look for a 1099. Heads up! If you worked a job in 2020 and taxes were not withheld on your income, taxes will be due when you file. Start thinking through these scenarios now, so you are not surprised when it comes time to file.
If you plan to take any deductions or credits this year, gather all the documents needed to make sure you qualify. It’s a good idea to have the paperwork handy so you know what you qualify for when filing your return.
The big takeaway here is to gather all your information in one secure spot. If you’re missing forms or paperwork, WAIT to file. Inaccurate information or incorrectly filed returns may result in you having to file an amended return, which takes additional time and could cost you more in tax preparation and filing fees.
The fastest way to make sure you get your potential refund is to wait until you have all of your official tax documents. In most cases, DOR process returns with income tax refunds in as little as two weeks when filed accurately and electronically.
For more information on what documents are required to file your tax return, visit DOR’s website.
