2014 Tax Season Opens January 31

2014 Tax Season Opens January 31 -

Ready or not, here comes the 2014 tax season! With half the country mired in the snow and other crazy weather winter, now is a good time to call your attention to your tax preparation and prepare the things you are good to go when it's time to file. If you're a procrastinator, this year, you're in luck - the official opening date of the fiscal year 2014 was postponed to 31 January, a day later than last year and 10 days later than the date expected origin of January 21. The extra time this year is needed to help the IRS get their systems fully updated and ready for use after dealing with the closure of the Government 16 days earlier in 2013. Last year, the IRS set a start date later to reflect the effect on 2012 statements of the American Taxpayer relief Act passed by Congress earlier this year.

When should I start on my tax return?

Although the IRS will not process returns before 31 January, there is no reason you can not start preparing now. Free E-Filing or filing with direct deposit option can both be filled in advance and are the best ways to ensure that you will receive prompt payment. If you own a business, make sure to remember that the income tax returns for companies will be accepted from January 13. It is also good to keep in mind that the deadline for submission - April 15 - is fixed and will not change. If you need extra time, you can make a 6-month extension with Form 4868, either online or on paper. If you have not already, start gathering documents and information you need to complete your return. Doing this now will save a lot of hassle when you sit down to work.

Ready to start? Whether you produce a simple free report or need help navigating investments and rental property, we back. Check out our review of the major tax preparation services to help you decide which is right for you and get ahead of the curve for the 2014 tax season.