Wanting to know when you can you file taxes? The IRS recently announced that the first day taxpayers will be able to file their 2016 taxes will be on January 23rd, 2017.
This announcement also came with a recommendation – You should file your taxes as early as you can to avoid delays when waiting for your tax refund. With an estimated 153 million tax returns expected to be filed, 80% of which will be submitted through online tax software, it’s always better to start as soon as possible and avoid any system downtime or painful delays.
Remember These Tax Filing Dates
Apart from the opening date of tax-filing season, the IRS also outlined important closing dates.
You have until Tuesday, April 18 to file your 2016 returns. This is an extension – the normal April 15 deadline falls on a Saturday so adjustments have been made to allow the District of Colombia to celebrate Emancipation Day.
If you have tax software, or work with a tax professional, it might be worth filing your returns now, or at least getting all the paperwork ready. These third parties are still subject to the same filing dates as everyone else, but having everything sorted will lead to a stress-free tax season.
Possible Refund Delays Because of New Laws
One primary reason for the expected refund delays is a new law that forces the IRS to withhold refunds when the EITC, Earned Income Tax Credit, and ACTC, Additional Child Tax Credit, have been claimed on a person’s taxes.
The 2015 act was passed to allow the IRS to combat fraud and issue correct refunds.
Once the refund has been approved and cleared for payment, the funds will be processed through the banking system, which is affected by the Presidents’ Day holiday. Realistically, you can expect to get your money in the last week of the month.
The IRS also recommended that tax payers retain previous tax returns and adjust their gross income calculation due to the elimination of the PIN option on the electronic filing system.
These changes will also help those filing for an extension with a Form 1040, which gives you until October 16th 2017 to file your 2016 tax return.
How You Can Start Filing Your Taxes Now!
The IRS may be opening the tax filing season on January 23, 2017, but there’s no need to wait until then to file your 2016 taxes. TurboTax is accepting tax returns today, so that you can be one of the first in line to get your tax refund. TurboTax will securely hold your tax return and submit it to the IRS the minute the doors open to file taxes.
You can try before you buy! TurboTax Online Tax Filing.