Income tax filing window opens Monday
The nation’s 2017 individual tax filing season is scheduled to open on Monday.
As taxpayers file last year’s returns electronically or by mail, the Internal Revenue Service is offering up a few tips to help them avoid common errors that could delay their refunds or cause other problems.
“Jan. 23 is the first day the IRS will begin accepting and processing tax returns,” Michael Dobzinski, the IRS spokesman for Florida, said. “So, people can start to file.”
He noted that those using tax preparation software can do so beforehand. However, the software provider will hold onto the tax return until Monday, when it can submit the information to the IRS.
Taxpayers are encouraged to file electronically, through e-file or IRS Free File.
“That is the best way to file,” he said.
At least 85 percent of taxpayers now file electronically. It helps reduce tax return errors as the tax software does the calculations, flags common errors and prompts taxpayers for missing information.
Dobzinski noted that nine out of 10 refunds will be received with 21 days.
“With that, we suggest you choose direct deposit,” he said.
Refunds can be deposited into a single account at a bank or other financial institution or allocated among as many as two or three accounts. Ensure the routing and account numbers used are accurate.
The filing deadline is April 18 – pushed back due to the Emancipation Day holiday.
Filers should check for any tax benefits that they may qualify for, including the Earned Income Tax Credit, Additional Child Tax Credit, Savers credit, Child and Dependent Care Credit and more.
Dobzinski pointed out that new this year, the Protecting Americans from Tax Hikes Act mandates the IRS hold refunds on tax returns claiming the Earned Income Tax Credit or Additional Child Tax Credit.
“Those refunds we cannot issue prior to Feb. 15,” he said.
The change helps to ensure that taxpayers get the refund they are owed by giving the IRS more time to detect and prevent tax fraud. Dobzinski explained that there has been refund fraud tied to the credits.
“So those get a little extra look,” he said.
Dobzinski added that the entire refund is put on hold, not just part of it.
“If you are counting on those, you’re going to have to wait a little extra time,” he said.
Due to weekends and holidays, most filers will not see their refunds until the week of Feb. 27.
Electronic filers using the same software as last year should encounter few changes.
“If you’re using software for the first time or switching companies, you’re going to need your adjusted gross income from 2015,” Dobzinski said. “That’s another security measure we’re using this year.”
The IRS also has been working with payroll processors to input W2s. Last year, approximately 2 million W2s contained a verification code that automatically populated the information when filing.
He noted that about 50 million W2 forms will contain a code this year.
“So we can match up the person who’s filing with the correct W2,” Dobzinski said.
For filers submitting their return by mail, make sure to sign all the required forms, ensure you are utilizing the correct tax table and the math is correct, and double check social security numbers.
For more information or for assistance, visit the IRS online at: www.irs.gov/.
Taxpayers can also contact the IRS at 800-829-1040.
The local IRS Taxpayer Assistance Center is at 4210 Metro Parkway, Fort Myers. Help is available by appointment only at 239-938-7601. It is open Monday through Friday from 8:30 a.m. to 4:30 p.m.