The 2017 Tax Filing Season Officially Begins
It’s official – the IRS has announced that the tax-filing season will begin on Monday, Jan. 29.
With the opening of the filing season just a couple of weeks away it’s about time to start thinking about getting your paperwork together. And remember, the sooner you file your taxes the less likely you are to be a victim of tax fraud. The criminals are like the early birds who like to get all the worms they can.
If you aren’t ready to file early, you have a couple of extra days on the other end since this year’s final tax deadline will be Tuesday, April 17. April 15 is a Sunday, and the16th is Emancipation Day, which is a legal holiday in Washington, D.C.
Both electronic and paper returns will be accepted by the IRS on January 29th, however paper returns will only start to be processed in mid-February. That’s because they are still busy at the IRS updating systems.
As I mentioned in an article I wrote last month (see What The New Tax Bill Means For 2017 Tax Season), the new tax code does not apply to 2017, so things will be pretty much the same. But you must keep in mind that if you’re expecting a refund, you may have to wait a little longer than most if you are claiming Earned Income Tax Credit and or the Additional Child Tax Credit. Those refunds will not be issued before mid-February while the IRS expects to issue more than 90 percent of refunds in less than three weeks.