When Does Speedway Send Out W2s? [Solved!]

When most people think about paying their taxes, they think about April 15th — the day they have to file their income tax returns. However, while you may have to wait til April to get your W–2s (which are your earnings reports for the previous year), you don’t necessarily need to wait until then to send in your tax forms. You can get forms from the IRS (Internal Revenue Service) for early filing, and there are several ways in which this may be beneficial.

Early Filing Provides Better Tracking

One of the advantages of filing your taxes early is that, once you’ve submitted them, the IRS provides you with a new EIN (Employee Identification Number) for the previous year. That way, if you have to file an amended return at some later date, it will be easy for the IRS to find. Filing early provides you with an advantage in this case because you can track the progress of your amended return online. You don’t have to wait until April to find out how your tax returns are going, you can check the status online at any time.

Multiple Filings Accommodate Special Circumstances

Some people will be fortunate enough to have everything be okay on their tax returns (no amended returns are needed), but there are others for whom something will go wrong. That is why it is good practice to file a tax return each year no matter what. Multiple filings allow the individual to acknowledge these special circumstances and accommodate them.

If you do end up needing to file an amended return at some point afterward, you will have all the necessary documentation at your fingertips. You don’t have to go through the process of finding the forms again; you can simply pull up the appropriate paperwork from your tax returns in early filing.

Amortization Eases The Pain Of An Impaired Spouse

If your spouse is substantially impaired and can’t handle their personal finances, it may be best for them to handle the debt owed to the IRS. You can take advantage of the Amortization Period to write off the debts your spouse accrues during the year. For instance, if you get a call from the IRS saying that your spouse is unable to manage their taxes due to dementia, you may want to consider using the Amortization Period to write off the debts they accrue from that point forward. The amount that can be written off each year is significantly limited, but it helps.

It is a good idea to speak with a professional before you make any major life decisions, as there are many complexities that you need to take into consideration. The use of the internet to research previous court cases is one way to find out what your options are, but you should certainly speak with an attorney or accountant to get an idea of what is feasible.

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