Be on the lookout for W-2 Wage and Tax Statements and Affordable Care Act Form 1095s arriving soon.
The IRS begins processing individual tax returns and refunds today. During the 2016 tax season, the IRS expects taxpayers to file more than 150 million returns.
The IRS requires employers to mail out form W-2 or deliver them to employees no later than Jan. 31 and you should expect to receive it no later than early- to mid-February. Form 1095-A should arrive about the same time if you enrolled for health coverage through the Health Insurance Marketplace. The deadlines for other ACA 1095 forms were extended and you shouldn’t wait to file your return. Read more about ACA 1095s here.
The deadline to file tax returns is Monday, April 18, a few days later than the traditional end of tax season. While taxpayers have a few extra days, we encourage you to file now and be one of the first in line to receive your refund, if you are due for one.
More than 70 percent of taxpayers will get a refund, according to the IRS. Last year, the IRS issued 109 million refunds averaging $2,797, according to a news release. The IRS estimates refunds will be processed within 21 days.
Did you know more than four out of five returns are expected to be filed electronically? We can help you get your maximum refund based on the information you provide. TaxSlayer.com has a step-by-step deduction guide to maximize your refund. Additionally, we check your returns for errors and missing data before you e-file to ensure your return is processed by the IRS without delay.