The annual duty of filing your taxes is once more approaching its open season. This is why it is important to be aware of all the financial details as well as the schedule prepared by IRS. This Thursday, the Internal Revenue Service announced the start of the tax season during a press conference. The representatives named January 23 as the first day when Americans can submit their papers. People that start their 2016 tax filing operation early can thus end their duty in three weeks.
At the same conference, the IRS announced that the authorities would hold tax refunds for Americans that are entitled to additional child tax credit and the earned income tax by February 15. This is an extra safety measure that gives the IRS time to detect any sign of fraud. Thus, the refunds are likely to reach their destination starting with February 27.
John Koskinen, the IRS Commissioner, encouraged citizens to follow the standard procedure regarding their tax filling operation. In addition, everyone has to file the returns that claim the EITC and ACTC. This is an alteration introduced by the Protecting Americans from Tax Hikes Act. The IRS declared that the authorities are prepared to receive approximately 153 million tax returns starting with January 23.
The IRS also evaluated that a rate of 70% Americans will receive a refund this year. Moreover, 90% of them will receive clearance within a span of 21 days the moment they are submitted officially. In comparison, in 2016 there were only 111 million issued individual tax refunds. Last year, the average refund amounted to $2,857 and the authorities expect things to remain the same for 2017 as well.
While the usual deadline for the tax filing operation is on April 15, the 2017 tax season will work under special terms. As April 15 falls on a Saturday together with the fact that April 17 is an important American holiday, namely the Emancipation Day, the deadline will be postponed until April 18.
Thanks to the responsive website of IRS on irs.gov, American citizens can finish their tax filing operation electronically. The website allows users to verify the status of a refund only on the where’s my refund program. Also, if you submit your taxes online, you are bound to receive the refunds several weeks faster than via a real booth.
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