DENVER - Procrastinators have a few extra days to file their federal income tax this year, but experts say that doesn't mean it's a good idea to wait.
Taxpayers have until April 17 to file their 2011 returns thanks to a quirk in the calendar this year.
April 15, the normal filing deadline, falls on a Sunday and the following Monday is Emancipation Day, which is celebrated in the District of Columbia. By federal law, holidays in Washington D.C. affect tax deadlines the same way federal holidays do, giving taxpayers two extra days to file.
While April 17 may seem far away, there's another important tax related deadline coming up this week.
Employers and financial institutions must have several important tax documents, including W-2 forms, mailed to employees by midnight Tuesday, Jan. 31.
Experts say that means taxpayers need to keep a watchful eye on the mailbox this week as those forms begin to arrive.
"Be especially vigilant as those [tax documents] contain a great deal of information. Your name, your social security number, and a good deal of tax information that if misused, could certainly lead to a compromised tax situation or ID theft," according to Mark Steber, a chief tax officer with Jackson Hewitt Tax Services.
If those forms don't arrive in the mail according to Steber, taxpayers do need to take action.
"If you've not gotten your W-2 by a week to ten days after Jan. 31, you certainly need to raise some red flags. Did you move and forget to notify your employer? Did your employer go out of business? But more importantly, was your W-2 compromised? The earlier you get after one of these situations the easier it is to manage," Steber told 9NEWS. "It's always going to be a pain with ID theft, but it's really going to be a pain in three months when you go to file and somebody has already taken your W-2 and misused it for their own purposes."
However even if W-2 and other tax forms arrive safely, Steber says taxpayers can still become the victims of tax fraud. He says filing returns early is one of the best ways for taxpayers to protect themselves.
To help with that, both Jackson Hewitt and H&R Block are offering free help with tax preparation. Both companies are offering to prepare simple federal tax returns for free at Walmart kiosks across the country through the end of February.
For more information on preventing tax fraud or to sign up for free help with tax preparation please visit http://www.jacksonhewitt.com/ or http://www.hrblock.com/.
(KUSA-TV © 2012 Multimedia Holdings Corporation with The Associated Press)