All you need to know about the 2017 IRS Tax Refund Schedule
Mostly every tax payer will have a few set of queries that needs to be answered promptly, before and during a tax return such as how much is he going to spend on taxes, how much he would get as tax refund and by when he would receive it? Of course, the first two questions can’t be answered with much promptness, but if you had filed your federal taxes electronically using a software program or with the IRS E-File you might make an approximate guess of when you would receive your tax refund.
Important tax filing and refund dates that need to be noted:
When you file the tax return:
According to the IRS, the official date of the file the tax return of 2017 is January 23rd, 2018. However, the IRS e-file or the other software programs may lead you to complete your return and file it before that date. Don’t have a conception that your returns will be processed soon after it has been filed, they will withhold the returns up till the IRS begins accepting it.
When is a tax due?
By analyzing the tax schedule, we can come to a conclusion that April 15 is considered as the tax deadline, it could be extended up to April 18th, 2018 if it falls on a weekend or a national holiday. April 15, 2018, is taken into account as Emancipation Day for Washington DC and if you are not ready to file it before the deadline you can file a tax extension to get your tax return filed later on.
When can you expect your tax refund?
Roughly 90% of taxpayers has the possibility to receive their tax refunds within 21 days from the day their tax returns have been accepted by the IRS. Anyways the IRS would approximately begin to accept the returns from January 23, 2018. Though they don’t issue a calendar they continue to issue a guide that most of the taxpayer can expect their refunds in less than 21 days. Most of them receive their refund between 10-14 days.
What causes tax refund delays?
The IRS has the authority to withhold the tax refunds of the taxpayers who claim earned income tax credits and additional child tax credit until Feb 15, 2018. Apart from that, it could be delayed if you had filed an incomplete tax return, due to computation error on the tax return, incorrect social security number or wrong direct deposit information and much more. Remember that it can still take a week’s time to receive the refund after the IRS release.
