Taxpayers can start filing their returns through IRS Free File partners; tax returns will be transmitted to the IRS starting Jan. 24.Tax software companies also accept advance tax returns. The IRS generally begins accepting tax returns during the last week of January. However, if significant new tax legislation is passed at the end of the year, this could delay the start of the tax season by a week or two.
Therefore, those who file taxes early for which a refund is due can often see them in the middle or end of February. However, taxpayers with the earned income tax credit or the child tax credit generally have their refunds delayed by approximately one month, while the IRS confirms eligibility for these credits. Keep in mind that the tax extension gives you more time to file your return, not more time to pay the taxes you owe. Last year, about 200,000 Vermont taxpayers qualified to file their federal and state income taxes through Free File, but more than 12,000, or six percent, of those eligible, used this free online filing service.
The Vermont Department of Taxation works with the IRS, other state revenue departments, and companies and trade associations in the tax and financial services industries to develop and implement new procedures that help protect taxpayer money. The child tax credit, the early child tax credit, and economic impact payments sent to taxpayers by the federal government are not taxable and are not included as family income. The Free File provider you choose will file your return once the IRS officially begins tax season and begins processing tax returns. Don't forget that the law requires the IRS to withhold refunds linked to the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until Feb.
15.The last day to file taxes for individual federal tax returns is usually April 15, unless it's a Saturday, Sunday, or an official holiday. Taxpayers who use a professional, such as a CPA or an EA, can ask that professional for the estimated date of their tax refund and can be more certain that their taxes have been filed correctly (and legally). With TurboTax, you can be sure that your taxes are done correctly, from simple to complex tax returns, no matter your situation. Delivery times can also be improved by choosing direct deposit for reimbursement to an existing bank account and by using a tax professional or tax preparation software to reduce the possibility of errors.
Many commercial tax preparation software companies and tax professionals will also accept and prepare tax returns before January. When you miss your tax filing deadline and owe money to the IRS, you should file your tax return as soon as possible. If you also file taxes for your small business such as an S corporation or corporation, the last day to file your tax return is March 15 or April 15 for C corporations, unless this day falls on a weekend or official holiday. Low- or moderate-income taxpayers and older taxpayers can also take advantage of free tax assistance through the IRS's voluntary tax assistance and tax counseling programs for seniors, the AARP Foundation Tax Assistance Program and the MyFreeTaxes Association.
Don't let the impending tax deadline force you to rush through the tax filing process and make a mistake on your return. .