For most of us, the year 2008 could not have gone away any faster. This is especially true for many taxpayers that saw the majority of their investments fall considerably as the financial markets took their swan dive. As tax season moves into high gear, and taxpayers eagerly anticipate their tax refunds; a recent IRS article informs taxpayers to not file their returns so fast for they may not have all their year end forms. Many of the year end forms from brokerage firms, mutual fund companies and barter exchanges may not arrive till mid February. The change for certain Form 1099’s to mid February was enacted last fall and will provide investment firms more time to ensure the accuracy of their forms. The change will hopefully reduce the rate of amendments by the investment firms and ensure taxpayers tax returns are filed correctly.
If you have not received your year end statements from your investment firm, don’t fret, it should be in your mailbox by the 17th of February.
Keeping Your Taxes N Synergy