Tax Season 2017 Begins on January 23 in the United States
The IRS has announced the dates for the new 2017 tax season in the US.
Ø The e-filing of taxes starts from January 23, 2017 [Monday].
Ø Refunds will be held by the IRS will February 15, 2017 [Wednesday]
Ø The deadline for submitting tax returns has been fixed at April 18, 2017 [Tuesday]
Compared to the earlier tax seasons, this year taxpayers have been given three extra days to file their tax returns. Usually, April 15 was the deadline for filing taxes. This time the deadline falls on April 18.
There is a reason for this. April 15 falls on a Saturday and April 17 is the Emancipation Day. So the new deadline has been changed to April 18 this year.
Here are some of the things to remember during the tax season of 2017.
#1: The tax season brings with it a number of problems related to accounting and financing. You will, first of all, need to arrange a statement of income and expenses for the year.
#2: You must hire a qualified accountant or CPA to prepare your taxes. You should do so especially if your tax returns are complicated.
#3: You should sign up for a cloud-based accounting service such as QuickBooks Hosting, Quicken Hosting, ATX Tax Software Hosting, ProSeries Tax software Hosting, Lacerte Tax Software Hosting, or Drake Tax Hosting during this tax season.
This would allow you to prepare your taxes with ease, and file your returns on time, no matter where you are. Also, you can have multiple team members collaborating on the same accounting data or files even though they are located in different time zones.
#4: The date announced by the IRS is the date for e-filing the tax returns. But with tax software such as QuickBooks on the Cloud, you can file your taxes before 23 January 2017. You should consider filing early and it would work to your benefit. You don’t have to wait for the IRS to start accepting the returns.
#5: Have you utilized the Individual Tax Identification Number (ITIN) for the tax years 2013, 2014 or 2015? If you haven’t the ITIN would expire. Also, any ITIN that has 78 or 79 in the middle digits will expire. So be sure to renew your ITIN on time, so that you can file your tax returns without any hassles of any sort.
#6: You will not be able to get your refunds until February 15. The IRS will hold tax refunds till February 15 starting from this tax season. The IRS has also warned that the refunds would not reflect in the taxpayer’s bank accounts straight away.
#7: Finally, like always, you should watch out for scammers or fraudsters who claim to be from the IRS and demand money in return for escaping a tax penalty. You should also be careful of phishing attacks, which have become very common.
We hope you have an easy time during the new tax season of 2017.