The 2016 tax season began in January when the IRS started accepting tax returns. The IRS made changes to when your taxes are due, when you may receive your tax return. and what you need to file your taxes for the 2016 tax season.
2016 Taxes due April 18, 2017
You’ll have a couple more days to file your tax returns this year. Taxes will be due by April 18, 2017. Taxes must be e-filed or post marked by the 18th of April in order to avoid a late penalty.
Typically taxes are due April 15, but the 15th falls on a Saturday this year. The following Monday is Emancipation Day in the District of Columbia. The IRS recognizes holidays in Washington D.C. and pushed the tax date to Tuesday, April 18.
If you need to file a six month extension on your taxes you must do it by April 18 as well.
When to Expect Your 2016 Tax Refund
The IRS says that they will issue 9 out of 10 refunds within 21 days of filing. However, there are certain cases that require more time.
Anyone who files for an Earned Income Tax Credit (EITC) and/or the Additional Child Tax Credit (ACTC) will have to wait until Feb. 15 to receive their refund. (These dates are based upon getting your taxes in by January 23, 2017.)
According to the IRS, the quickest way to get your refund is to e-file and request a direct deposit. If you send your tax refund in via mail or request that your refund check be sent by mail then you may have to wait longer for your refund.
Keep in mind that the sooner you file your tax refund the sooner you’ll get your refund back! Mazuma clients who submit their information to Mazuma by Feb. 20 can also win an Early Bird prize!
New Individual Taxpayer Identification Numbers
A new law requires anyone who hasn’t used their Individual Taxpayer Identification Numbers (ITNS) in the last three years, or whose middle digits are 78 or 79 (9NN-78-NNNN or 9NN-79-NNNN), to get a new ITNS.
ITNS are issued for anyone who is filling taxes but is not eligible for a Social Security number. Getting a new ITNS can take several weeks, so if you need to renew yours get in touch with the IRS as soon as possible. Your tax return can be delayed if you do not have an updated ITNS.