ILLINOIS (IRN) – Today is the day the IRS will begin accepting income tax returns.
Rick Mehall, a certified public accountant in Bloomington, Illinois, says if you’re expecting a refund, it’s wise to file as soon as possible, though many taxpayers don’t yet have in hand all the documentation they need to file.
“Most people probably won’t be getting everything they need until late January or early February, just because 1099s from the banks and savings and loans and credit unions are not due out until Jan. 31,” he says.
Mehall also warns against tax-related scams: The IRS won’t call you, tell you that you owe tax and accept a credit card over the phone.
The IRS contacts taxpayers via old-fashioned paper mail.
This year will be interesting for those who purchased health insurance on the exchange – they estimated their income and received a tax credit to help pay for their insurance.
Now they’ll have to reconcile that estimate with their actual income, and if their income was higher than the estimate, they’ll have to pay back some of the tax credit they received.
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