Tax Season Starts Today

In December, the IRS announced that Tax Season will begin January 23rd. That’s today. What the announcement means is that the IRS will begin accepting electronically filed, or e-filed, returns. If you happen to have all your documents, then you should be able to file a return today.

However, the first day of tax season is not like the first day of deer season or the fishing opener. You don’t have to do anything today. Instead, it makes sense to start preparing if you have not already done so. You should receive your W-2s or 1099s soon. You will want to gather up documentation for deductions, exemptions, and credits. If you are missing something, you have time to find it. Get everything together in one place and organized before you either take your documents to a professional or begin working on your return yourself.

The filing deadline is April 18 this year. Remember, the sooner you file, the sooner you will receive a refund if you overpaid your taxes. Taxpayers that claim Earned Income Tax Credits (EITC) or Additional Child Tax Credits (ACTC) will wait a little longer for their refunds because of anti-fraud provisions in legislation passed last year. Even so, the IRS expects to issue 90 percent of refunds within three weeks of receipt of the return.

This article on the IRS website contains more information about filing season.

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