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23 and then will submit the returns when IRS systems open.
The IRS will begin processing paper tax returns at the same time.
Four out of five tax returns will be prepared electronically using tax return preparation software.
Many software companies and tax professionals will accept tax returns before Jan.
They will then hold the returns until the IRS begins accepting them. April 15, 2017 is the observed holiday for Emancipation Day, for Washington DC).
You can file a tax extension if you are not ready to file your taxes by the deadline. Approximately 90% of tax payers will receive their refunds in less than 21 days from the day their tax return was accepted by the IRS. The IRS is required to hold tax refunds for taxpayers who claim Earned Income Tax Credits and Additional Child Tax credit until at least Feb. Keep in mind it can still take a week to receive the refund after the IRS releases it.
When it comes to filing a tax return, there are a few questions that people care about more than any other – how much am I paying on taxes, how much will I get back in my tax refund, and when will I receive it? There is no quick and easy answer to the first two questions.
However, we can give you a rough idea of when you will receive your tax refund, but only if you file your federal taxes electronically using a software program or with the IRS E-File.
However, many tax software programs will allow you to complete your return and “file” it before that date. (April 15 is the tax deadline for most years, unless it falls on a weekend or an observed holiday.
The move comes at a time when tax-related identity theft is a growing problem for tax groups, including the IRS and state tax authorities.
An apparent spike in suspicious returns during the last filing season led to a series of new efforts from the IRS, state tax authorities and the tax preparation industry to cut down on refund theft during the upcoming filing season, which starts on Jan. “By delaying tax refunds by just a few weeks, we’ll be able to better detect attempts at identity theft and ensure taxpayer refunds do not fall needlessly into the hands of criminals,” Connie Beard, the director of the Illinois Department of Revenue, said in a statement.
Turbo Tax also checks for errors and calls them to your attention before you file.
Part of the IRS process for verifying tax return information is ensuring the Social Security Number (SSN) and name combination on the return matches the information in the Social Security Administration's database.