Answer

If you file now, what will you use for the W-2 total wages number? You will need to wait for your W-2, which needs to be attached to your tax return. But the good news is that you don't have to wait until April 15 to file your tax return.

Your employer is supposed to provide your W-2 no later than February 1. For this reason you can't file a tax return or get a refund of your taxes before the end of the year.

However, some commercial tax preparation firms will give you a loan - secured by your impending income tax refund - if you let them prepare your tax return.

You can start preparations early in January if you want to. (Since you won't have your W-2 form – or your 1099’s if any - until between January 1 and February 1, your tax preparer will have to get your total wages and total withholding from your last pay stub, or by reviewing your entire year's worth of pay stubs.) You can then file when the W-2 is actually in hand. That might get you the "tax refund anticipation loan" earlier.

Or not. The interest rate would make a loan shark blush.

http://www.msnbc.msn.com/id/23036078/

If you don't need or want a loan, you can prepare the rest of your documents and await the arrival of your W-2.

Finally, even if you don’t have a W-2 (or any 1099’s) and thus don’t need to wait to receive it, your preparer will still need to know the exact income for the year AND the IRS won’t actually accept a filed return for this year until after January 1 of next year.

Hope these thoughts help.