Posted by Earliest Filing Date and Filing Deadline
Earlier today, the IRS announced that it will begin accepting 2017 federal income tax returns on January 29, 2018. This means that the earliest a 2017 tax return can be filed, either electronically or on paper, is January 29. The deadline for filing 2017 tax returns is Tuesday, April 17. (The extra two days are because April 15 falls on a Sunday and April 16 is a legal holiday in the District of Columbia.)
Your Return Can Be Prepared Before January 29
If you have available the documents necessary to prepare your tax return, such as Forms W-2 and 1099, your tax return can be prepared before January 29 so that it is ready to be filed on that date. At McGovern Tax Services, we are ready to prepare your 2017 return as soon as you have the required documents. If you have questions about what is required, just call or send an e-mail message. We will be happy to provide a free consultation.
How Long Will It Take to Receive Your Refund?
The amount of time it will take to obtain your refund will vary based on a few factors. The fastest and most secure way to obtain your refund is to file your return electronically and request that the IRS deposit your refund directly in your bank account. Although there are never any guarantees, generally, you will receive your refund within two weeks if you file electronically and request direct deposit of your refund.
Two major factors can delay your refund. First, if you file your return on paper, or request that the IRS send a paper check in the mail, receiving your refund will take longer. Second, if your return claims the Earned Income Tax Credit or the Additional Child Tax Credit, then, by law, the IRS cannot issue your refund until mid-February. The IRS expects that refunds to those claiming these credits will begin to be deposited in taxpayers’ bank accounts on February 27.
File Your Tax Return Even if You Cannot Pay Your Taxes
If you will owe taxes and cannot pay them, it is still important to file your return on time. This is because the penalty for filing a tax return late is ten times larger than the penalty for paying your taxes late. For more details, see our prior discussion of this issue here.
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