Tax season is right around the corner and you are probably wondering when you can file your 2015 taxes in 2016. Currently, the IRS is expecting the 2016 tax season will open for 2015 e-filed returns on or about January 20th.
If you plan to file your taxes with TurboTax or H&R Block you can start preparing your federal tax return a few weeks before tax season starts and get a jump-start on your refund. Additionally, keep in mind that the tax deadline is usually April 15, but has been changed to April 18 for 2016.
2016 tax tips
- Organize – Make sure all of your documents, forms, and receipts are available before you begin your return.
- E-File – E-filing is safer, quicker, and easier than paper filing. In addition, it allows you to get your w-2 form online.
- Choose Direct Deposit – When you select direct deposit as your refund payment method, you can have your money in as little as 21 days.
- Do not Be Afraid to Ask for Help – If you have questions when filling out your tax return do not be afraid to ask for help.
If want to know when you can expect your 2015 tax refund, check out the estimated schedule dates. The dates are not set in stone but they will let you know approximately, when you can expect to receive your tax refund. In the event that the IRS does delay the start of tax season, you can still start working on your tax return if you file your taxes online. When 2016 rolls in you be one of the first people to e-file and get your tax refund back fast.
Tips for estimating your tax refund
Don’t let your taxes be a surprise this year! Instead, spend a few minutes and get an estimate. By planning for tax season in advance, you can be confident when it comes time to file.
Estimating your tax refund or balanced owed does not have to be complex. In fact, there are refund calculators available to help make doing so easier. All you have to do is answer some basic questions and the calculators provide you with an estimate. Many taxpayers find that using the calculator only takes them a few minutes.
The good news is it is never too late or early to start getting your taxes in order. For example, depending on what estimations you come up with, you can determine if making deductible contributions or small business investments would be ideal even after the year-ends. Self-employed individuals can make sure they are paying the correct amount of estimated tax to avoid getting behind or having to pay a penalty for not paying enough.