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It's a date !

Updated: Jan 26, 2018

Even with all the cool digital tools to keep track of our daily schedules, some of us still cling to old fashioned calendars. Whether you keep your life organized on your smart phone or have a calendar full of colorful pictures hanging on your wall, there are some important tax-related dates that you should be aware of.

The IRS “opens for business” on January 29th, but we can prepare your return prior to that date and submit it once they begin accepting returns. The IRS usually doesn’t accept returns until late January because it needs time to adjust their systems for any late legislation affecting the year’s tax returns. Both e-filed and paper returns will be accepted beginning on January 29, but e-filed returns will be processed much faster. Because paper returns won’t begin to be processed until mid-February, we e-file our clients’ returns unless they request otherwise.

It is wise to file your return as soon as you have all necessary documents to do so. Although the IRS has implemented strong security measures, identity thieves can file fraudulent returns in your name, claiming a refund (even if you aren’t actually due one) and creating a mess. Once a Social Security number has been filed on a return, any subsequent returns using that number will be rejected for e-file by the IRS. Filing as early as possible lessens the chance of your Social Security number being used on a fraudulent return. If you owe the IRS, you can file your return early in the season and wait until the deadline to pay any taxes due.

In an effort to decrease fraud, the IRS will again delay refunds for returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit. Refunds that include either of these credits will not be released until late February. In fact, the IRS cautions taxpayers not to count on these refunds being available until February 27 at the earliest. Likewise, the popular “Where’s My Refund?” button on the IRS website won’t be operational until late February.

The deadline to file your 2017 tax return is April 17. Just like the previous couple of years, the original tax deadline – April 15 – falls on the weekend. That would normally move the deadline to the next weekday, but Washington DC celebrates Emancipation Day on April 16 and Federal offices are closed. Therefore, the entire country gets to observe April 17 as the due date for tax returns.

Business owners should be aware of due dates for business returns. C Corporations with a tax year ending December 31 must file by April 17. S Corporations and Partnerships with tax years ending December 31 must file their returns by March 15.

Individuals and businesses who cannot file by the deadline may request extensions. However, while this allows the taxpayer additional time to file the return, any tax due must be paid by the filing deadline or be subject to penalties and interest.

No matter what type of calendar you use, make sure you take note of these important dates. When you’re ready to file your return, give us a call. We’ll be happy to add you to our calendar!



Down South Accounting & Tax


Tel: (252) 364-2900

Fax: (252) 364-8933

 

Email:  kspruill@downsouthtax.com

             ddavis@downsouthtax.com

Address​​​​​​: 1025-D Director Court

             Greenville, NC 27858

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