Todd Shaull

Jan 19 2016

2016 Tax Season Tips


2016 Tax Season Tips

The 2016 tax season begins on January 19, 2016. The IRS will begin accepting individual electronic returns that day. The filing deadline to submit 2015 tax returns is Monday, April 18, 2016 – rather than the traditional April 15 date. Although the IRS begins accepting returns on January 19, many tax software companies will begin accepting tax returns earlier in January and submit them to the IRS when processing is open. Here are some tips to keep in mind as you file your 2015 taxes.

Have year-end statements gathered.
This includes W-2 forms from employers, 1099 forms from banks and other payers, and 1095-A forms from the Marketplace for those claiming premium tax credit. If you need to verify tax deductions and credits, you will need to include receipts as well. Keep all these tax-related documents in a folder for easy access when you’re ready to file.

Choose e-file and direct deposit for refunds.
E-filing is the quickest and safest way to file income taxes and receive a refund. If you made less than $60,000 you can file your taxes for free with Free File from the IRS.

Beware of Tax Fraud.
Tax fraud occurs when someone steals your identity and files a fraudulent tax return in your name before you do and collects a refund from the IRS. The sooner you file your taxes, the less time criminals have to steal your tax return.

Make sure when you file your return online, your security software is on and updated and you use strong passwords. Use caution with emails that ask you to click links to download attachments from organizations such as your bank, credit card company, and the IRS to avoid phishing scams. Now is also a great time to get a free copy of your credit report at AnnualCreditReport.com.

Check your Refund Status.
24 hours after the IRS has received your e-filed tax return, you can check the status of your refund online at www.irs.gov/Refunds. If you’ve mailed a paper return, you will be able to check the status of your refund online after 4 weeks.

For more information on filing your 2015 taxes, please consult your tax professional and visit www.irs.gov.

Todd Shaull

About Todd Shaull

Todd Shaull is a Vice President, Branch Manager at Hills Bank’s Cedar Rapids location on Williams Blvd. Todd has been at Hills Bank since 1999 helping customers with checking and savings accounts, consumer loans, auto loans, and home equity loans. Todd can be reached at todd_shaull@hillsbank.com.


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6 Responses to 2016 Tax Season Tips

  1. I really like how you said that, “E-filing is the quickest and safest way to file income taxes and receive a refund.” Most people don’t realize that this is a better way to file taxes now days. This year was the first year that I was self employed so I’m not sure how to do my taxes. What is the average cost for preparing a 1099 form?

    • Todd Shaull Todd Shaull says:

      Prices can vary. A simple online search can help narrow down what is available in your area so that you can find the best solution for you.

  2. This is some great information, and I appreciate your suggestion to consult your tax professional for more help. This is the first year I have to do my taxes, so I don’t really know what I’m supposed to do. I’ll definitely look into consulting a professional so I can do everything right. Thanks for the great post!

  3. Ivy Baker says:

    This is some really good information about tax season and how to get ready for it. I liked that you talked about how it might be smart to file online. It does seem like a good idea to talk to a professional if you are struggling as well. I know that I would have a hard time filing on my own.

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