Tax season is here, bringing with it both stress and excitement at the prospect of potential refunds. But to avoid any trouble with the Internal Revenue Service (IRS) and know when to expect any refund, there are a few important dates to keep in mind. Mark your calendars and make a plan to get your tax return filed and your refund processed.
January 29, 2018
IRS Starts Processing Tax Returns
Although you can e-file or mail in your tax return before this date, January 29 is when the IRS actually starts to process returns and issue refunds. According to the IRS website though, they will not begin processing paper tax returns until mid-February. So if you’re in a hurry to get an expected refund, make sure you file electronically. Choosing direct deposit for your refund will also speed up the process.
February 27, 2018
Refunds Begin for Filers Claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC)
No matter how early you send in your tax return, if you are claiming either the EITC or ACTC, the IRS cannot issue your refund until mid-February. This year, the IRS anticipates these refunds beginning to arrive on February 27. Remember, this date applies to the full refund, not just the amount related to these credits.
April 17, 2018
Tax Filing Deadline
This date might be a surprise since the historic deadline is April 15, but this year April 15 falls on a Sunday. Usually the deadline would be pushed to Monday April 16, but that is a holiday in Washington D.C. That’s why taxpayers will get an extra two days to file their return. April 17 is also the deadline to file for an extension.
October 15, 2018
Extended Deadline to File Tax Returns
If you properly file for a tax extension, you can file as late as October 15. The problem is that the longer you wait to file, the longer it will be until you get any tax refund. File as soon as possible if you want to put that refund to good use.
Avoid stress this tax season by keeping an eye on these important dates. And once you file your return, you can start looking forward to and planning for any expected tax refund.
*Although we hope these tips are helpful to you, Midland Credit Management does not offer financial advice. If you have questions or concerns about your personal finances, please speak to a financial advisor.