With much of this website devoted to the major changes in the Federal tax code, one may wonder how their own taxes will fare. As of this writing, we don’t even know when tax returns will be accepted by IRS.
Generally, IRS accepts electronically filed returns beginning the end of January, and starts processing mailed-in returns in mid-February. However, with all of the changes coming, will IRS be ready by the end of January? In recent years, even minor changes in the tax code have delayed the beginning of filing season.
Also, with more parents eligible for the enhanced Child Tax Credit, more refunds may be delayed. IRS must, by law, not issue refunds for these returns or those claiming the Earned Income Credit until mid-February.
Our advice? Make your tax appointment at the time you normally do. We’ll get them filed as soon as IRS is ready.
Interesting times ahead!