If you are looking to claim Earned Income Tax Credit or the Additional Child Tax Credit on your tax report this year, your tax return will not be sent before February 15th. That was a mandate by Congress to give the IRS more time to review returns to try to catch fraudulent ones before refunds are paid out. Though In reality, taxpayers taking these credits will probably have to wait even longer to get their refunds — until the week of Feb. 27, the IRS says, because of weekends and the President’s Day holiday.
The IRS released this information well before Christmas so that the people that were planning to pay Christmas bills by their tax returns could plan accordingly. “For this tax season, it’s more important than ever for taxpayers to plan ahead,” IRS Commissioner John Koskinen said in a statement. Even though this will put a crimp in some people that were depending on that money, this is an overall good step in the right direction.
Here is what that news means for you. Many of you who depended on this money in January will not get it. My recommendation is very late February or early March to be on the safe side. I know that can be difficult, yet not as difficult as dealing with tax fraud.That is why I call this a step in the right direction. This indicates that Congress and the IRS are taking Tax Fraud seriously and are taking actionable steps to fight this very serious problem.
This year’s filing deadline is Tuesday, April 18, since the traditional April 15 date falls on a Saturday, and D.C. Emancipation Day is observed on April 17. Of course, taxpayers who need longer can request an extension. Just remember, getting a filing extension avoids the late filing penalty, but it doesn’t avoid the late payment penalty.