You should have received your Employee W-2 by now. Why not compute your tax status now to see if you are entitled to an IRS refund or State refund simply by finding your Employee W-2 and entering the wage and tax information into one of the web based online tax preparation service companies .

If you learn now that you owe taxes, you have until April 15 to look for tax deductions. Don’t wait for the last minute and be like most people. If you wait till early April, then you may not have enough time to find those missing tax deductions. The probability of missing tax deductions or making mistakes increases if you wait to a few days before April 15.By starting now, you will have more time to read the IRS publications and IRS forms and other free tax information to find tax deductions that you might be missing.

The earlier you receive your IRS refund, the quicker you can put it to good financial use. Don’t be afraid to have a direct deposit into your bank account, since this will significantly speed up the time to deposit the refund into your bank account. Generally, you should be able to decrease the time that you have to wait for an IRS refund from weeks to 7-10 days.

The quicker you you deal with your Employee W-2 and if you find out that you owe taxes, the quicker you can start locating the resources or work extra to accumulate the money to pay any taxes that you owe, will save you interest and penalties..

Preparing your tax returns today will eliminate the rush and anxiety of dealing with it in early April.So get a head start on filing your tax returns now. Also, filing your tax returns now, you can avoid the need to get an extension.Generally, extensions result from not wanting to deal with the inevitable or missing information. If you entitled to an IRS refund or even a state income tax refund, why file an extension and let the United States Treasury hold your refund. Also,if you have problems preparing your own return early, you have the time to meet with an experienced tax preparer who can either answer your questions or prepare the tax return for you.It makes sense to start now to figure out your taxes, either if you prepare your own tax returns or if you decide to use a CPA or preparer.

Don’t delay, and get your Employee W-2 out of your “later or someday”  file to see if you are owed an IRS refund or State income tax refund .

Be sure to first try one of the free online tax services (if you adjusted gross income is under $58,000 the federal form is free) or a well-known fee based online tax preparation company.