Where do you fall on filing your tax returns spectrum? Hopefully, you have a strong team of CPAs behind your personal taxes or business taxes. When the New Year arrives, most people already have a good idea whether they will be getting a refund or whether they are paying Uncle Sam. The first thing you need to do is gather your financial information, including W-2s, and the massive paper trail that comes with it. We’ve put together a quick guide for key dates and deadlines, so that you don’t get caught off guard.
If you are eager to file because you’re excited to cash that refund check, then chances are you rang in the New Year rounding up all of the necessary paperwork to file your taxes. January 29th is the first day you can send off your returns to the IRS. If early filing is typical for you, then you are probably aware that the 2018 deadline is six days later than the January 23rd opening from last year.
If you know you owe, and you like to hang on to your money until the very last minute, then you might be fortunate to find out that the date to file your taxes is two days later than the usual April 15th deadline. You may have figured out that there is a slight oddity, as normally when the 15th falls on a Sunday, taxes are due that next Monday, April 16th. However, April 16th is a holiday in the District of Columbia, so that pushes the eligibility to file on time to April 17th.
The date is a little ambiguous, but if you’re one of the early filers, you will want to know that the IRS cannot legally issue refunds for the earned income tax credit or the additional tax credit until the middle of February.
The IRS still anticipates issuing more than nine out of 10 refunds in less than 21 days.
Preparing your income taxes can be a complicated and strenuous process. Work with a CPA that understands all of the changes that happen year to year to maximize your deductions and your refunds. You may be giving away money or paying the government more than you have to because of mis-categorized incomes or deductions. At Hall & Company, we have a committed team of expert accountants that can handle everything from personal income tax returns to quarterly corporation tax filings.