The Internal Revenue Service has announced when the agency will start accepting federal income tax returns, whether electronic or paper. Although some lucky few may be selected for the IRS hub testing, it isn’t going to be the case with most taxpayers. It’s best to stick with the announced date and prepare your return accordingly.
The IRS will begin accepting your tax return on January 24, about a day and a half from now – at the time of writing. If you’ve already prepared your return through the tax preparation service’s software, your return will be one of the first ones in line. However, this isn’t possible with many taxpayers considering the number of forms this tax season required to file a federal income tax return.
Last day to file taxes
While we’re talking about the earliest day the IRS accepts tax returns, we can’t miss out on the last day. The same as all the other tax seasons, aside from the last two, the last day you need to submit your return is April 15. However, there are some exceptions to this.
If you’ve paid your taxes in total during the tax year and except a refund, the deadline doesn’t really apply to you. That doesn’t mean that you shouldn’t file your return, though. You won’t get your tax refund until you file your return. Considering that, it’s understandable why many Americans are anticipating the start of the tax season.
Get refund faster
Taxpayers who file their tax returns electronically get their refunds quicker as the IRS processes them faster. Once filed, expect to get your refund in about one to six weeks, depending on how you submit it. The post office taking your paper return to its destination and the IRS workers going over your return all add up to the time it takes.
Additionally, how you choose to receive your refund also matters. If you’re expecting a paper tax refund, it will take more time. Those who opted for direct deposits get it much faster.
Having said this, file your federal income tax return electronically to get your refund faster. This, however, isn’t always possible as the IRS doesn’t accept some tax forms electronically.