What Is the First Day I Can File Taxes?
You can file your federal taxes as early as Jan. 1 if you have all the necessary documents. If you plan on filing electronically, however, you'll have to wait until Jan. 16, as that is the day the Internal Revenue Service begins accepting e-filed tax returns.
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Required Documents
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Before filing your tax return, you must have your W-2 form from your employer and other necessary records such as 1099 forms reporting interest you earned on savings accounts, stock dividends and other taxable income. Employers and other payers have until Jan. 31 to mail your W-2 forms.
Recieving a Refund
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If you e-file your return, it may take the IRS up to two weeks to process it. If you file a paper return by mail, it can take three weeks or longer to process once received. These are only estimates and the actual time it takes to process your return will depend on a number of factors, including when you file; generally, the later you file in the tax season, the busier the IRS is and the longer it will take for your return to be processed.
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Getting a Quicker Refund
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According to the IRS, you will receive your refund twice as fast if you use e-file rather than filing a paper return. You will also receive your refund quicker if you request direct deposit to your bank account rather than asking the IRS to mail a paper check.
Tax Forms
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If you wish to file a paper return and do not receive a tax form and instruction booklet in the mail, you can print the forms and other documents out from the IRS website (see Resources).
Filing Deadline
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The deadline for filing federal taxes is generally April 15, unless you have filed a request for a six-month extension.
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References
Resources
- Photo Credit calendar for 2007 (january) image by Sergey Galushko from Fotolia.com
