When to file taxes?

Answer 1

Presumably, you mean Personal Income Tax, normally done on a Form 1040....(others have different times).

April 15 each year is the due date for filing your Federal individual income tax return, if your tax year ends December 31st. Your return is considered filed timely if the envelope is properly addressed and postmarked no later than April 15. If you use a fiscal year (which is a year ending on the last day of any month other than December), your return is due on or before the 15th day of the fourth month after the close of your fiscal year. If the due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day (i.e., Tax Year 2006 is due April 17, 2007). If you cannot file by the due date of your return, then you can request an extension of time to file. However, an extension of time to file is not an extension of time to pay. You will owe interest on any past-due tax and you may be subject to a late-payment penalty if payment is not made timely. To receive an automatic 6-month extension of time to file your return, you can file Form 4868 by the due date of your return. For more information, refer to the Form 4868 Instructions. If you are a United States citizen or resident, whose home and main place of business or post of duty is outside the United States and Puerto Rico on the due date of your return, you are allowed an automatic extension until June 15, to file your return and pay any tax due. This also applies if you are in military or naval service on duty outside the United States and Puerto Rico. If you use this automatic extension, you must attach a statement to your return showing that you met the requirements for the extension on the due date of your return. If a joint return is filed, both husband and wife must sign the return. If your spouse cannot sign because of disease or injury and requests that you sign the return, sign your spouse's name in the proper place followed by the word "by" your signature, followed by the word "husband" or "wife". Be sure to also sign in the space provided for your signature. In addition, you must attach a statement that includes the form number of the return you are filing, the tax year, the reason your spouse cannot sign the return, and that your spouse has agreed to your signing for him or her. If you are the guardian for your spouse who is mentally incompetent, you may sign the return for your spouse, as guardian. If your spouse cannot sign the return for any other reason, you may sign it only if you are given a valid power of attorney. The document granting you power of attorney should be attached to the return when it is filed. Form 2848, Power of Attorney and Declaration of Representative, may be used for this purpose. If you are filing a return for a minor child who cannot sign the return, sign the child's name followed by the word "by", your signature, and your relationship, such as "parent" or "guardian of minor child". Be sure to attach the Form W-2 and the Form 1099-R that show Federal income tax withheld to the front of the return. If you are filing Form 1040, be sure to attach all related schedules and forms behind your return in order of the sequence number located in the upper right hand corner of the schedule or form. If you owe tax, make your check or money order payable to the United States Treasury, and enclose it with your return. On the front of your check or money order, please show your name, address, social security number, daytime phone number, the tax year and type of form you are filing (for example, "2005 Form 1040"). Do not mail cash with your return. You can also use a credit card to pay the tax due by calling 1-800-2paytax (1-800-272-9829) or Link2Gov (1-800-729-1040). Refer to your form instructions for more information. If you cannot pay the amount owed with the return, refer to Topic 201, The Collection Process, for more information. You may want to file electronically! When you file electronically, you usually receive your refund within 3 weeks after the IRS has received your return, even faster if you have it directly deposited into your checking or savings account. Many professional tax return preparers offer electronic filing of tax returns in addition to their return preparation services. A fee may be charged. For more information on electronic filing, click on the e-file logo on the home page of irs.gov.

Answer 2

Tax season is around the corner and everyone is reluctantly putting together their tax returns. In many cases, these people will be sending the government thousands of dollars in owed taxes. But for a select few, this is a time to be happy because they are owed money by the government. Many of those that are owed money have trouble deciding when is best for filing taxes to get their refund back more quickly.

The answer to this question is fairly simple. The sooner a tax return is filed, the sooner the refund will be issued. The Internal Revenue Service processes returns in the order that they are received. So if an individual files a tax return early in the year, they will receive that refund more quickly than those that waited until the deadline of April 15.

That said, there is a way to receive a refund incredibly quickly and still file late. Many accounting companies offer tax return guarantee loans. For a small fee, usually around six dollars, these companies will write a check in the amount of a tax refund. The company will then receive that check and cash it for themselves. They make money off of this by charging the small fee to thousands of customers. There is an inherent risk in this method that was revealed several years ago. If the government releases a stimulus package, the returns that were filed using one of these loans get processed last. This means that the additional money that everyone else is getting in July will not be dispersed until November for those that got a loan based on their refund checks.

Anyone wanting to get their refund checks back quickly should file early in the year. A person that owes taxes will do just as well to file right at the deadline. In fact, filing too quickly can sometimes cause an audit to be performed on the tax return. So it is often best for those that owe taxes to wait until the April 15 deadline approaches before actually mailing the return. These people should still do all of the paperwork weeks before it is due.