As years pass, accounting and financial trends change. With this, people can also expect changes in tax preparations. Tax season is a very busy time of year for most accountants, so making your appointment and preparing tax documents early on should be your top priority. This 2017 year, individuals have until April 15th to prepare and file tax documents. The sooner you file, the less stress you’ll have as this deadline quickly approaches. Be aware of these current trends to make this 2017 tax season as smooth as possible.
This tax season, individuals can file with the Internal Revenue Service as early as January 23, 2017. Electronic returns are the easiest way to file your taxes. In fact, almost 80 percent of all tax returns are filed electronically. Tax consultants can prepare tax returns prior to this date, however, they must wait until this date to submit them.
Since it takes several days for the refunds to process, a new law requires the IRS to hold off on returns claiming the Additional Child Tax Credit and the Earned Income Tax Credit. This hold must be applied until February 15, 2017. Because of these circumstances, the IRS insists that taxpayers plan beforehand this tax season. If they don’t, this new law can greatly delay their filing process.
In addition to a new law, there is also a new deadline. April 15, 2017 is the new deadline for filing tax returns. Since there is a new, earlier deadline, there may be a longer wait time for receiving refunds. If your one of the many last-minute individuals filing online and scrambling their documents together, you can expect longer wait times to receive your refunds.
To ensure you’re properly prepared this tax season, plan and prepare tax returns earlier rather than later. Beat the mad rush and receive your refunds quicker than the rest. Make sure each tax season you are aware of changes in the IRS and deadlines.
To make sure your finances are handled properly, contact a Long Island accountant professional for the best accounting and tax services one can get.