The IRS is moving at a slow crawl due to the federal government shutdown, but don’t let the situation slow you down in preparing to meet with your tax advisor.
“The IRS announced it will begin processing tax returns on January 28. We are telling clients not to wait. The shutdown is not a reprieve from starting your 2018 tax return process,” says Kevin Kressig, CPA, Tax Shareholder. “The IRS will process returns based on a ‘first in, first out’ basis; those taxpayers that get their returns in first will be at the top of the list when processing starts,” adds Kressig.
It’s never too early to collect your W-2 forms, receipts, car mileage log (if you use your vehicle for business use), medical bills, charitable contribution receipts and other documents. Remember that any single contribution of $250 or more requires a letter or receipt from the charitable organization. And it’s a good time to add 2019 tax deadlines on your calendar.
Now is the time to call your CPA or tax preparer to schedule a time to talk about your 2018 taxes. Contact us if you would like to make an appointment with one of our tax professionals.