In less than a month, the Internal Revenue Service (IRS) will begin accepting tax returns for 2017. Whether you file yourself or hire a tax professional to complete your return, you’ll want to be sure you’ve included all expenses, no matter how small, on your return. You can file your federal tax return as soon as you have collected all the relevant information and required documents.
This year, the IRS introduced a few changes for 2018 including cost-of-living adjustments for retirement savings and inflation changes for certain tax provisions.
How to Get All Necessary Tax Return Documents?
Make sure you include all necessary documents in your return before filing. You will need to include Form W-2 from your employer, Form 1099 from banks or any other financial institutions and for those claiming the Premium Tax Credit, Form 1095-A from the Marketplace. File the forms earlier to avoid refund delays and any need to file an amended return at a later time. When you’ve received your forms, ensure the information shown is accurate.
It’s recommended that you keep a copy of your 2017 tax return and all supporting documents for at least three years. In addition, doing so will make it easier to fill out a 2018 return next year.
When to file tax returns for 2017?
The deadline for filing 2017 personal tax returns and paying any taxes owed is April 18, 2018. The IRS grants requests for a 6-month extension for those needing additional time to prepare and file their returns. In times of disaster, state authorities usually react by providing tax relief and extensions for all affected citizens. After Hurricane Irma, the IRS provided both relief and extensions.
If your request is approved, your filing deadline is pushed back to October 16, 2018. Note that annual tax payments are still due by April 18, 2018.
How to receive refunds faster?
Filing a tax return electronically is the fastest and most reliable way to ensure a faster refund. Try combining electronic filing with direct deposit to receive your tax refund even sooner. Direct deposit gives you access to your refund faster than a paper check. The IRS issues more than 9 out of 10 refunds in less than 21 days.Documents sent by mail are often lost or delayed so the easiest way to file your tax return in due time is to use online document management platforms. Services like PDFfiller or SignNow make it easy to fill out tax form templates, enabling users to electronically sign and forward them to the IRS.