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The Taxman is Back… Again

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“Let me tell you how it will be
There’s one for you, nineteen for me
‘Cause I’m the taxman, yeah, I’m the taxman
Should five per cent appear too small
Be thankful I don’t take it all
‘Cause I’m the taxman, yeah I’m the taxman”.

Can you guess which song that is? If you guessed Taxman by the Beatles, you’re right! And if taxes and tax season had a theme song, this would certainly be it!

Tax season is officially underway again and this is the time when you find out whether you will be earning a tax-refund or if you’ll be forced to pay up. I know that it can be a hassle to keep track of the tax season dates, deadlines and times so I wanted to put everything in one place for you with the hopes of making your life just a little easier.

Let’s take a look at this year’s schedule:

January 23rd:

Tax season begins! The IRS begins accepting and processing 2016 federal income tax returns.

February 15th:

A new law requires the IRS to hold refunds claiming the Earned Income Tax Credit and the Additional Child Tax Credit until February 15th. In this situation, taxpayers should not anticipate receiving their refund until the week of February 27th due to processing times and bank holidays.

April 18th:

As I’m sure you’re all aware, the deadline for filing your tax returns is typically April 15th, however, this year April 15th falls on a Saturday. The deadline would usually be extended to the Monday following but Emancipation Day is April 17th. This means that the deadline to file this year is moved to Tuesday, April 18th.

Make sure you get a head start on your taxes this year. The last thing that you want to do is wait until the final countdown and scramble to be sure you file in time. Plus, if you’re expecting to get a refund do you really want the Taxman to hold onto it for longer than they already have?

P.S. – Don’t forget that you should keep copies of your prior-year tax return for at least three years!

P.S.S. – Make sure you’re on the lookout for my thoughts about what you should do with that tax-refund!

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