Preparing for Tax Season

Tax season will officially begin on January 29, when the IRS starts accepting tax returns. This year, taxpayers will also have an additional two days to submit their tax returns, which will be due by April 17. Although the IRS will technically start accepting returns at the end of the month, paper returns will generally not be processed until mid-February, so those who are looking for faster refunds are encouraged to file electronically. Tax season can be stressful, so if you have questions about submitting your tax return or the issuance of a refund, please contact an experienced tax attorney who can address your questions and concerns.

Issuing Refunds  

Although many tax professionals and software companies accept tax returns before the end of January, they will not be able to submit the returns until the IRS systems open on the 29th. For this reason, taxpayers are encouraged to use the extra time to double-check their returns, as even minor mistakes can delay refunds by weeks or even months.

The IRS also recently reminded taxpayers that it cannot legally begin issuing refunds for certain credits before the middle of next month. For example, while the IRS will process the tax returns of those claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) as soon as possible, related refunds cannot be issued until at least the third week of February. In fact, the IRS does not expect the EITC or ACTC related refunds to be made available until February 27 and this is only if there are no other problems with the return in question and the taxpayer chose to use direct deposit to receive his or her refund. Furthermore, this applies to the entire refund, even the portion that is not associated with the credit itself, so taxpayers should not expect multiple refunds.

Taxpayers should also not be alarmed if they have not received their refunds by the end of January or the beginning of February, as the payments take additional time to be processed, accepted, and deposited into accounts by financial institutions. Banks also don’t process payments on holidays or weekends, so taxpayers are encouraged to take this into account if their refund is slightly delayed.

Finally, taxpayers were also recently urged by the IRS to retain copies of their tax returns for the previous three years. This serves a number of purposes. For example, taxpayers who use software to submit their returns for the first time will need information related to their adjusted gross income from the prior year’s return before they can submit this year’s tax return electronically.

Call Today to Learn More About Your Tax Filing Options  

To speak with experienced Florida tax attorney Ronald Cutler, P.A. about filing your own tax return, please call 386-490-9949 today and a member of our legal team will help you set up a free consultation at your earliest convenience. We understand that our clients lead busy lives and so make ourselves available on weekends, as well as weekdays.

Resource:

irs.gov/credits-deductions/individuals/earned-income-tax-credit