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What you should know about filing taxes for 2017

On Behalf of | Jan 20, 2018 | Tax Law

It’s never too early to think about taxes. Sure, there are plenty of things that are much more pleasant to think about, like root canals or traffic jams. But getting a jump on your 2017 taxes is a great idea–the sooner you finish them, the sooner you can relax.

Going into tax season is much easier when you are prepared. These are a few of the most important things that you should know in advance before filing your 2017 return.

A (slightly) later deadline

The deadline to file your tax return is usually April 15. Because the 15th falls on a Sunday this year, the deadline is pushed back a bit further. It would normally have been moved to Monday, April 16, but this date is a legal holiday called Emancipation Day in the District of Columbia. Therefore, the tax filing deadline will fall on April 17, 2018, giving you an extra two days to submit your return.

The tax overhaul may not affect you… this year

The national tax overhaul has several major changes in store–for next year’s taxes. The new changes do not apply to your 2017 returns. By this time next year, when you are preparing your 2018 return, the new tax law will no doubt affect your taxes. For now, though, you can expect to prepare your taxes the same way that you always have.

Your refund might be delayed

Tax refunds usually go out within three weeks of the date that you submitted your tax return. The IRS does make an exception for tax returns that claim the Earned Income Tax Credit and the Additional Child Tax Credit. There is a relatively high rate of fraud associated with these credits, so the IRS may withhold the refunds of taxpayers who claim them. If you have claimed either of these credits, you might not see your return until February.