IRS streamlines tax filing process

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Filling out a US tax return can be a rather complicated process, especially if you work as a freelancer or have a position that is paid on a non-standard basis.

But thanks to the recent innovations of the IRS (Internal Revenue Service), this process can be greatly simplified, writes aol.

Starting in 2017, employers will be required to submit tax information to their employees through the traditional W-2 form, as well as tax information about freelancers, whom they paid more than $ 600, through the form 1099-MISC.

These documents will need to be completed before January 31, which is almost a month earlier than the previous rules provided for: before February 28 for forms submitted on paper and before March 31 for electronic filling.

Employers have already been required to fill out and submit the relevant forms before January 31. This means that most Americans will get the information they need earlier, and will have plenty of time to fill out the declarations.

This will especially help freelancers who have collaborated with many organizations throughout the year, and they need to collect data from all of them to fill out the declaration.

The innovation will benefit all Americans, because having received the necessary information at the end of January, they will have enough time to prepare declarations until mid-April - the traditional deadline for filing them, which in 2017 falls not on April 15, but on April 18 due to holidays and weekend.

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