When You Can Start Filing Your Taxes

Posted: Jan 6 2017, 10:44am CST | by , Updated: Jan 11 2017, 8:55am CST, in News | Latest Business News

 

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When You Can Start Filing Your Taxes
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The Internal Revenue Service said on Thursday that it expects to hold tax refunds for citizen this year that are claiming the earned income tax credit and the additional child tax credit until February 15, 2017 so that they can detect fraud. This means that refunds won't show up in your bank account until the week of February 27, 2017.

 "We encourage taxpayers to file as they normally would, including returns claiming the EITC or ACTC,” IRS Commissioner John Koskinen said in a statement. The change comes from the Protecting Americans from Tax Hikes (PATH) Act.

The IRS said in a press conference that they expect more than 153 million tax returns during tax filing season, which will start on January 23, 2017.

More than 70% of taxpayers will get a refund in 2017, with 90$% of those being issues in fewer than 21 days after returns are submitted. This is up from the 111 million individual tax refunds issued.

The deadline to file 2016 returns and pay any tax due is April 18, later than the traditional April 15 deadline, as that falls on a Saturday and Emancipation Day, a holiday in Washington, D.C., is observed on April 17.

Of those returns, 80% will be filed electronically, helping with direct deposit. 

Some things to note this season:

  • E-filers can submit early, but they won't be sent into the IRS until January 23. 
  • If you make under $64,000, you can get access to the IRS Free File program, which gives free federal and state return software to families on IRS.gov.
  • Remember that you will have to check a box that says you have healthcare, whether it is through your employer or the Affordable Care Act.

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<a href="/latest_stories/all/all/46" rel="author">Noel Diem</a>
Noel passion is to write about geek culture.

 

 

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