Whenever the calendar flips over to January, people wonder when they can file their tax returns and when they will receive a refund. There are a few factors to consider, such as when you receive important tax documents. Also, filing early does not necessarily mean you'll get a refund sooner.
When can you file your taxes?
In early January, the IRS sends out a statement stating the first day for filing taxes. Tax season usually starts in mid to late January.
Each year, the first day to file taxes varies, but it generally falls during the same period in January.
Typically the Internal Revenue Service (IRS) announces the date no later than the second week of January for the upcoming filing season, but they can change the date each year.
When is the earliest you can file taxes?
Because people are so eager to receive their tax refunds, it comes up all the time, “When can I file my federal tax return?”
The IRS will not accept federal tax returns until the tax season starts. The return can however be started with a pay stub, and completed when you get your W-2 form or other necessary documents. You can also hire a tax preparer for help.
Once you receive your W-2s from your employers and have all the necessary information and documents, you can prepare and file your return. The deadline for employers to send W-2s and Forms 1099 is January 31, so you could receive yours as late as early February.
Helpful Resource: The best time to file your taxes
When do Tax Filing and Processing Begin?
You can start filing your taxes as soon as you have all the required paperwork. During the last week of January, the IRS usually begins accepting and processing tax returns.
If you have all your income documents in order, most tax professionals and software programs can prepare your tax return immediately. They will then submit the tax return once the IRS begins accepting them.
What is the Tax Filing Deadline?
The deadline for filing taxes is usually April 15. Additionally, you have to file Form 1040 or Form 1040-SR and pay any taxes due.
Filers who need more time to file can request a six-month extension from the IRS, allowing them to push the deadline back.
Helpful Resource: How to File an Extension for Your Taxes
In a typical year, the extension expiration date is on Oct. 15. You must submit Form 4868 in lieu of a tax return by the April deadline to be eligible for extra time if the date falls on weekend.
When is the last day you can file taxes?
Your taxes must be filed by April 15 or the following business day if it falls on a weekend.
You'll have to electronically file or mail your taxes so that they are postmarked on the due date, or have your tax preparer do so.
When will I receive my tax refund?
According to IRS records, most returns are refunded in less than 21 days, but if you mail in a paper return, it can take up to six weeks.
You should also allow an additional 10 days if you are requesting a paper check for your refund rather than a direct deposit.
Helpful Resource: Where's My Tax Refund?: How long it takes to get your tax refund
Should I File My Taxes Early?
The IRS suggests you file your tax return early to avoid delays with your refund. This will ensure you receive your refund as soon as possible.
The IRS estimates each year, over 150 million tax returns will be filed. 80 percent of which are filed using online tax software, so it's best to start filing as early as possible to avoid any disruptions or delays.
Why Filing Early Makes Sense
Despite the fact that many people file their tax returns on or about April 15, it is not necessary to wait until the last minute. A variety of reasons can justify filing an early tax return.
There are reasons to begin your tax preparation as soon as possible, even if you don't file early. You will have all of the time needed to collect the documents and information needed to file for all of your deductions. You will not be stuck scrambling for receipts at the last minute.
Your accountant will have more flexibility and can get started on your accounts more quickly. Filing early can also help you avoid identity theft.
Start Filing Your Taxes Now
The IRS opens the tax filing season in mid-January, but you don't have to wait until then to file your taxes.
If you file your tax return online, you'll be among the first to receive your refund. Your tax return will be securely stored and sent to the IRS as soon as they begin accepting tax returns.
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