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By Valerie S. Johnson
Usually, if you are expecting a sizeable income tax refund, you want to file your return as soon as possible to collect the money that Uncle Sam withheld from you all year. On-line filing has made it even quicker for you to receive your refund.
However, don’t be in a rush to file early for tax year 2006. Why? Because of changes in the tax laws, banks, brokers, and mutual funds sometimes cannot provide accurate information to you by their end of January deadline. A number of financial institutions will likely be forced to send you revised 1099 forms in February, March, or even as late as April.
Some experts advise you to delay filing until March, because the initial 1099 form you receive may not be accurate. If you file too early and then get a revised 1099, you may need to file an amended tax return to claim an additional refund or to pay tax that you subsequently owe.
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Usually, if you are expecting a sizeable income tax refund, you want to file your return as soon as possible to collect the money that Uncle Sam withheld from you all year. On-line filing has made it even quicker for you to receive your refund.
However, don’t be in a rush to file early for tax year 2006. Why? Because of changes in the tax laws, banks, brokers, and mutual funds sometimes cannot provide accurate information to you by their end of January deadline. A number of financial institutions will likely be forced to send you revised 1099 forms in February, March, or even as late as April.
Some experts advise you to delay filing until March, because the initial 1099 form you receive may not be accurate. If you file too early and then get a revised 1099, you may need to file an amended tax return to claim an additional refund or to pay tax that you subsequently owe.
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