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The beginning of the year generally means business owners, investors and individuals begin to prepare their taxes. However, thanks to the government shutdown in October, tax season in 2014 has been delayed, according to CNN Money. Instead of accepting 2013 tax returns on Jan. 21, the Internal Revenue Service won’t begin to take them until Jan. 31.
“The late January opening gives us enough time to get things right with our programming, testing and systems validation,” IRS Action Commissioner Danny Werfel, told the news source. “It’s a complex process, and our bottom-line goal is to provide a smooth filing and refund process for the nation’s taxpayers.”
Despite the fact that tax season is delayed, many services are already accepting returns. But, Forbes said there is no benefit to filing early, as the IRS will not begin to accept returns until the end of the month whether taxes are filed on the 10th or 25th of January. In fact, the IRS website specifically states that there is no advantage to filing online or on paper prior to the opening date.
Filing early could present some issues as well, as complete tax information may not be available. This could lead business owners, investors and individuals to miss out on credits – or worse – make an error that forces them to file an amended return.
While the start date has been pushed back, business owners, investors and individuals still need to be sure to file taxes on time. Failure to do so could result in fines and penalties. The due date for returns continues to be April 15, according to CNN Money, which is set by statute. But, it is possible to file for a six-month extension.
- Practices: Tax and Trusts & Estates
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