The IRS will begin accepting returns on Monday, January 27th, but you don't have to wait until then. If you've already received your W-2 forms you can start getting ready to file now.
"We're doing tax returns right now. People have always filed early, they can file as soon as they get their W-2's, " Tax preparer, Pam Wilson says.
Wilson works at Liberty Tax, and she said you don't have to wait until the IRS starts accepting returns. All you need is proper documentation.
"You definitely need your W-2's you can't file on a pay-stub. Pay-stubs aren't always accurate. If you're in college you need to go to your college portal and get your tax information from the college. If you're on your parents return you also need to give it to your parents," Wilson said.
Wilson revealed that the PATH Act may cause a delay for some early filers.
The act helps the IRS stop fraudulent refunds from being issued to identity thieves or individuals.
"They don't release that money until February which gives them time to countdown on fraudulent returns. Fraudulent returns are if someone's claiming the wrong children or just fraudulent returns in general. That gives the government a little bit of time to track that back and catch it before they start releasing that money, because that's a lot of money," Wilson explained.
Wilson added that filing earlier gives you more time to pay taxes you owe, receive your refund more quickly, and also helps you avoid tax extensions.
And if you're a person who owes taxes: "Adjust your W-4. A lot of people don't understand the W-4. Go into any accountant, or tax office so we can help you. You shouldn't be claiming 9 exemptions if you're single because that's going to get you in trouble at the end of the year, and we've seen that happen," she said.