Are you aware of the important tax deadlines for the year 2017? The Americans observe the due date for submitting their income tax information as Tax Day. In the U.S., Tax Day normally falls on April 15 every year. However, in 2018, tax deadline has been extended two days further to April 17.
Being aware of when and what you need to file can save you from a lot of trouble at tax time. To avoid penalties, update your calendar with these important tax deadlines.
- Tax Day/Tax Filing Deadline
This year, April 17 is the deadline for filing your tax returns for the tax year 2017 to the federal government.
There are two reasons behind Tax Day extension from 15th to 17th in 2018:
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- This year April 15 falls on a Sunday.
- On April 16, Washington D.C. observes Emancipation Day.
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- Tax Extension Deadline
If you cannot submit your tax return by the due date, you must file for a tax extension on or before April 17, 2018.
An extension provides an extra six months to file your tax returns. You must understand that although you get an extension, you are still liable to pay the taxes owed by you, within the stipulated due date to avoid paying extra interest or late fees. This will increase your chances of tax savings.
- State Tax Deadlines
If you did not get a tax extension, you will have to file your state tax by the due date.
Several states necessitate taxpayers to submit their state income taxes within tax day. That’s convenient to remember because the deadline is the same as the federal tax deadline. However, the five states including Delaware, Hawaii, Iowa, Louisiana, and Virginia, impose a different deadline. Also, nine states have no income tax at all.
- IRA contribution for 2017 deadline
Your Individual Retirement Account (IRA) contributions need to be included on your tax return. If you wish to contribute to your IRA account for the 2017 tax year, you must do it by April 17, 2018.
- Tax Refund Schedule 2018
Taxpayers normally get their tax refunds within a period of 21 days. If you select the option of direct deposition of the refund into your account, you may be required to wait for five days before getting access to it. If you request a refund check, be prepared to wait for a couple of weeks for it to come through.
There are handy tools like Where’s My Refund on the IRS webpage or the IRS2Go mobile app that let you know the status of your refund. If you e- file your tax return, you can verify the status within 24 hours. It will take a minimum of four weeks before you can get any status information, if you choose to mail your tax return.
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