A. The best time to file tax return is in early April, here is why.
Employers, banks, insurance companies, mutual funds and brokerage firms are required to mail Form W-2 by Jan. 31, and Forms 1099-Div and 1099-B by Feb. 15. However, as you’ve probably learned from past experience, some of those initial 1099 forms may contain incorrect information, prompting firms to issue amended 1099s later.
If you file before receiving the final 1099, you’ll have to redo your return and file an amended one, adjusting the amount you owe or any refund. This may result in added fees from your tax preparer for the extra work, as well as the extra time and hassle for you.