Filing Your Taxes: When Can You Start and When Can You Expect Your Refund?

Filing taxes on time is of utmost importance.  Both companies and individuals with connections to the United States are generally expected to file annual tax returns, even if they do not believe they owe any money to the IRS.  Unfortunately, the process of filing can be confusing, and the stakes are high because an error on a tax filing could lead to costly fines and penalties -- including criminal charges in some cases.

A Virginia tax attorney can provide assistance in filing tax returns, calculating a refund due and making strategic choices about how to best preserve your funds while complying with IRS rules.  You should consult with an experienced attorney as soon as possible during tax filing season so you can comply with the rules and reduce the chances of problems leading to possible penalties.

You also want an attorney to help you maximize your refund and ensure you get the refund as soon as possible.  Hiring the right legal professional can make a big difference in how taxes impact your finances, so give us a call today.

Tax Filings and Tax Refunds This Tax Season

On January 23, 2017, the 2017 tax filing season begins for most taxpayers in the United States. Those who e-file their tax returns are able to submit their taxes to their software programs early before this deadline; however, the software company will not forward those filings to the IRS until the January 23 starting date for the 2017 filing season.

During the 2017 filing season, individuals and businesses declare their earnings and take their deductions for profits and losses occurring in 2016.  

The deadline, or the last day, to file returns for the 2017 tax year is April 18. While tax filings are normally due on April 15, the 15th is a Saturday, so returns are not due until several days later this year.  Submitting returns after the deadline is better than not submitting a tax return at all, as is submitting incomplete returns initially if you are not yet fully ready to make your report of earnings and expenditures to the IRS.

The IRS will be busy dealing with returns once the filings start to come in. In 2017, the IRS estimates that it will receive greater than 153 million tax returns from U.S. individuals who are required to make reports to the Internal Revenue Service. The majority of those who submit returns will actually have money coming back to them in the form of a refund. According to USA Today, more than 70 percent of tax filers will get a refund during the 2017 filing season.

Unfortunately, refunds are expected to come later than normal, which could create serious financial hardship for those who depend on their refund. Refunds are going to be delayed until the week of February 27th. This delay exists to provide time to research the validity of claims made on tax returns, particularly in relation to the Earned Income Tax Credit (EITC). 

Tax attorney Kevin Thorn can help you understand the rules for tax filings and can provide assistance throughout the process of filing your returns.  Contact him as soon as possible for help.