With the possibility of another government shutdown on February 15, tax experts suggest filing your returns no later than this week.
“The best suggestion right now is for people to gather their forms as soon as they can,” says CNBC Personal Finance Writer Darla Mercado. “Given that we have the potential risk of having a shutdown, a second shutdown if you will.”
Mercado has been writing about all the changes in the 2018 return because of the new tax law. She says there’s already enough confusion among tax filers, even with the new 1040.
“It is now postcard size. But what you need to be aware of there are now six schedules that you need to complete and file that return,” Mercado says.
There are no more personal exemptions, but the standard deduction is much more generous for single and married taxpayers.
That’s why she says it just might be the time to seek professional tax preparation help, or use an online or tax prep software.
Through it all, the IRS expects 90 percent of all returns to be filed electronically this year. That’s expected to speed up processing time, provided another shutdown doesn’t cause another slowdown.
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