🚨 Key Points:

1. Missing tax forms will delay your refund.

2. Most tax forms are due by January 31, but some may arrive two to three weeks later.

3. Avoid the stress and delay by staying organized!

Hello, my fellow taxpayer 👨🏽‍💻

Let’s be honest, when we file taxes we are all expecting a refund, but there's one crucial piece of advice: We must wait for all documents before filing our tax return. 

While it's recommended to file your taxes on time, it's more crucial to wait for all your tax documents before filing to avoid unnecessary delays in getting your refund.

This year, a handful of clients filed their taxes early, but this resulted in delays because they were missing documents that they then received 2-3 weeks after filing, ultimately leading to wait times of over 9 weeks. 

Here's what you need to know to avoid any delays.

Why Missing Forms Matter

According to the IRS, missing tax documents can definitely cause refund delays.

When the IRS doesn’t receive all necessary forms, their systems flag your return and send you a notice. This can hold up your refund for months.

When to Expect Your Tax Forms

Most tax forms should arrive by January 31. However, some forms, like the 1095s of the Affordable Care Act and the 1099-NECs, have a deadline of February 15.

In some cases, contractor firms might get an extension, and you might not receive these forms until March.

Common Forms

You should be familiar with the following forms: 

• - W-2 for wages.

• - 1099-NEC for contract work or self-employed.

• - 1099-G for unemployment income.

• - 1099-R for retirement plan distributions.

• - 1095 A, B, or C. These are for health insurance. ** (I’ve seen too many incidents with this one)

It's a good thing to keep in mind that if you had multiple jobs throughout the year, you'll get multiple forms for each job, even if you only worked for a week or a few days.

Bottom Line

It's a thousand times better to file correctly the first time. But it’s better to take the time to gather all necessary documents before filing.

Avoid the stress and delay by staying organized!

Happy filing!

Your Tax Team 🧾💼