Tax season is in full swing! And since you’re filing your 2016 tax return during the 2017 calendar year, we’re here to help you meet the 2017 tax deadlines. So be sure to grab your calendar and mark down these important deadlines and dates for this tax season.
Health Care Enrollment Deadline
Open enrollment for health insurance started on November 1, 2016, and ran through December 15, 2016. December 15 was the last day to enroll in healthcare coverage, re-enroll, or make changes to your plan for coverage starting on January 1, 2017.
The IRS was officially open for the tax season on January 23, 2017, which means this was the first day they accepted 2016 tax returns. Try to file your taxes as soon as possible. Filing sooner rather than later helps avoid tax fraud and identity theft and allows you to get your check faster if you’re due a refund. However, if you claim the Earned Income Tax Credit or Additional Child Tax Credit on your return, the IRS will hold your refund, and the money likely won’t arrive in bank accounts or debit cards until the week of February 27.
Just like last year, you’ll have a few extra days to prepare your tax paperwork. Usually Tax Day is April 15, but in 2017, the 15th is a Saturday. Monday, April 17 is Emancipation Day, so Tax Day in 2017 will be Tuesday, April 18, 2017. You must file either a 2016 federal income tax return or a request for a six-month extension by April 18.
Extended Tax Deadline
If you file an extension by April 18, 2017, your new deadline to file your 2016 tax return is October 16, 2017 — six months after Tax Day. Reminder — your six-month extension is an extension of time to submit your 2016 tax return, not an extension of time to pay taxes. Taxes owed must still be paid by April 18, 2017.
If you don’t pay by this deadline, you’ll be charged a penalty of 0.5% of your outstanding balance for each month or part of the month you’re late, up to a maximum of 25%. You’ll also be responsible for paying interest on the amount you owe; the IRS’ interest rate is 4%. We can’t stress this enough: don’t be late on your tax payments!
Deadline for Amended Return
Even though technically you can file an amended return at any time, you only have three years from the original tax deadline to claim your refund. After three years, the money becomes property of the IRS. If you need to amend your 2016 tax return, your deadline is April 15, 2020.
Disclaimer: A1Tax LLC Blog is an informational source for industry news and related topics. We take every effort to provide honest and accurate tax information, but this information should not be a substitute for professional tax advice. Use our office locator to find your local tax office or subscribe to our free newsletter.