Don’t Miss These 5 Essential 2017 Tax Deadlines

2017 tax deadline

If you haven’t started on your 2016 tax returns — or even started thinking about starting them — it’s time!

Tax season has officially begun. As of January 23, the Internal Revenue Service (IRS) is accepting and processing tax returns for 2016. And that tax filing deadline in April will come a lot faster than you think (like it does every year).

As you work on your taxes, there are several important dates to stay on top of. For instance, when the tax extension deadline is, or when you can expect to receive a tax refund.

Here are the top five 2017 tax deadlines and dates you should keep in mind as you work on your taxes this year.

1. 2017 filing tax deadline

When is the 2017 tax filing deadline? If your guess is April 15, that’s actually wrong. For the second year in a row, the deadline to file taxes is not the usual date.

That’s because April 15 falls on a Saturday this year. Usually, that would push the tax deadline to the following Monday, which is April 17.

“However, Emancipation Day — a legal holiday in the District of Columbia — will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 18, 2017,” according to an IRS statement on 2017 tax dates.

So mark it on your calendar: Tuesday, April 18 is the date to remember as your deadline to file taxes in 2017.

2. Tax extension deadline

The tax extension deadline is the same as the tax filing deadline.

So if you need more time to work on your tax returns, you’ll need to file for a tax extension by April 18. This will push your tax return deadline back six months, to Monday, October 16.

Keep in mind that while an extension gives you more time to complete your tax returns, it does not extend the due date for any taxes owed. You’ll still need to pay estimated taxes you owe to the IRS by April 18.

3. State tax filing deadlines

In almost every state the tax deadline for state returns is the same as the IRS’s deadline for federal income tax returns. So for 2017, it falls on April 18.

However, taxpayers in Hawaii get two extra days to file taxes with a deadline of April 20, according to Delaware residents have until April 30 to file a state tax return. And Iowa, Louisiana, and Virginia all have state tax return deadlines set in May.

Then there are the residents of states with no state income tax where no state return is required. The states on that list are Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.

4. 2016 IRA contributions deadlines

The tax deadline for returns is April 18. But filers must make 2016 contributions to their individual retirement accounts (IRA) by April 17, 2017.

This is necessary if filers want to deduct these retirement savings from their 2016 taxable income. Which in turn can mean lowering the income tax they owe.

Or, you can make non-deductible contributions to an IRA or Roth IRA that will count against the 2016 contributions limits. Those limits are $5,500 for savers ages 49 and under, or $6,500 for those who turned 50 or older in 2016.

5. Tax refund deadline

How soon you can expect to get a tax refund will depend on when you file, and what kind of tax credits you claim.

Typically, the IRS processes a tax return and issues a refund (if it owes one to the filer) within 21 calendar days of filing. And it might take a few additional days for a bank to process the refund into the filer’s account.

Therefore, the soonest anyone could expect a tax refund, if they filed on January 23, is February 13.

A new rule, however, affects the timing for refunds to filers claiming the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC). The law requires the IRS to hold all refunds for tax returns claiming these credits until February 15.

The IRS cautions these filers that their tax refund probably won’t arrive in their bank account or prepaid card until February 27. Assuming there are no processing issues with the tax return and you chose direct deposit.

You can check on the status of your tax refund using the IRS “Where’s My Refund?” tool. It will give you a custom date that your refund will be issued once the IRS processes your return and approves your refund.

Armed with these important 2017 tax deadlines and dates, you can make sure you’re on track to meet them. If not, you risk missing a tax deadline.

Just remember, the earlier you file, the less stress you’ll experience. Not to mention the more time you’ll have to put your tax refund to good use.

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Published in Taxes