Tax preparation planner Frank Ellis has revealed that taxpayers can file their 2016 taxes as early as January 23, 2017, in a new article on Nationaltaxreports.com.
Traverse City, MI -- (SBWIRE) -- 01/16/2017 -- The first day one can file their 2016 taxes is on January 23, 2017, according to Frank Ellis, in a Nationaltaxreports.com article. The IRS recently announced this date. It's recommended that one files their taxes as early as they can to avoid delays in refunds. According to the author, about 153 million tax returns will be filed, further highlighting the importance of not waiting until it's too late, simply because the volume can cause delays.
Ellis reveals the tax filing dates for this year, in addition to the opening date for tax filing season. The deadline has been extended to Tuesday, April 18, because April 15 falls this year on a Saturday. This delay also accounts for Emancipation Day celebrations in the District of Columbia. The author still suggests preparing the appropriate paperwork as soon as possible to reduce the stress of tax season.
New laws may cause delays in tax refunds, the author says. The IRS can now withhold refunds for the Earned Income Tax Credit and Additional Child Tax Credit in an effort to combat fraud. Refunds must be approved and cleared for payment before taxpayers receive them. They are then processed through the banking system.
A few points of advice are provided in addition to the main content of the article. These include saving previous tax returns, adjusting gross income calculations, and accounting for the changes when filing Form 1040. The author also briefly mentions extensions, which enable one to wait to file until October 16.
Lastly, Ellis reveals that TurboTax allows taxpayers to file before the IRS's opening date. One can get their tax refund much sooner. The software holds tax returns and submits them at the appropriate time. The author ends with a link to TurboTax online tax filing.
For more details, go to http://nationaltaxreports.com/when-can-you-file-taxes/.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
National Tax Reports
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Traverse City, Michigan 49686