Can You File Taxes Early? Here’s What You Need to Know
Want to file taxes early? Get clear insights on the official timelines, necessary preparations, and the secure submission process.
Tax season is the annual period when individuals gather financial information to prepare and submit income tax returns to the Internal Revenue Service (IRS). While the concept of “tax season” implies a specific timeframe, many wonder if they can begin the process, or even file, before the official start. Understanding the stages of the tax filing period can help taxpayers plan effectively and meet their obligations.
Understanding the Tax Season Timeline
The tax year concludes on December 31st, marking the end of the period for which income and deductions are calculated. However, this date does not signify the immediate opening of the tax filing season.
The IRS typically begins accepting federal income tax returns in late January each year. While you can prepare your tax return using tax software or with a tax professional before the official opening, you cannot submit it to the IRS until they begin processing returns.
The general deadline for most individual federal tax returns is April 15th, unless this date falls on a weekend or holiday, in which case it shifts to the next business day. An automatic six-month extension can be requested by filing Form 4868, which typically moves the filing deadline to October 15th. However, an extension to file is not an extension to pay any taxes owed, which are still due by the April deadline.
Gathering Necessary Information for Filing
Before any tax return can be prepared or filed, taxpayers must collect all relevant financial documents. The timely receipt of these documents significantly influences how early an individual can realistically complete their tax return.
Employers are legally required to furnish Form W-2, which details wages, tips, and other compensation, to employees by January 31st each year. Similarly, various Form 1099s, such as 1099-NEC for nonemployee compensation, 1099-INT for interest income, and 1099-DIV for dividends, are generally due to recipients by January 31st as well.
Other important documents include statements for deductions or credits, such as those related to mortgage interest (Form 1098), student loan interest, or records of charitable contributions. Collecting all necessary income and deduction documentation is crucial for accurately completing a tax return and preventing errors that could delay processing.
Filing Your Return
Once all required documents are in hand and the tax return is prepared, taxpayers have several methods available for submission. Electronic filing, commonly known as e-file, is the most prevalent method and typically becomes available once the IRS officially opens its filing season in late January. E-filing can be done through commercial tax software, tax professionals, or directly through IRS Free File if eligible based on income. This method is generally faster and results in fewer errors compared to paper filing.
For those who prefer or need to file a paper return, forms can be downloaded from IRS.gov or ordered by mail or phone. The completed forms should be mailed to the appropriate IRS address. It is advisable to use a mailing service that provides proof of mailing and tracking.
After filing, taxpayers often wonder about the status of their refund. For electronically filed returns, the IRS typically issues refunds within 21 days. The “Where’s My Refund?” tool on the IRS website allows taxpayers to check the status of their refund. Paper-filed returns, however, can take significantly longer, often six to eight weeks, to process and for refunds to be issued.