The income tax filing season starts on January 20, 2015, states the Internal Revenue Service. This means that people may begin filing returns for Taxes 2014 on that date. This day will kick-off the filing season even though the United State Congress passed a eleventh hour tax law, and it was signed by President Obama.
In addition, the Congress passed a bill which extends more than 50 soon to expire income tax breaks. The extension goes through the end of 2014 and allows filers to take advantage of them on their 2014 federal income tax returns. The President signed the bill just recently on December 19.
Previously, these kinds of last minute laws have delayed the start of the income tax filing season, but it is not the case this time, stated Internal Revenue Service Commissioner, John Koskinen.
Koskinen has indicted that nothing was stopping the IRS from keeping its systems current and fully tested. Annually, many millions of taxpayers, desiring to obtain their refunds as soon as possible, file their returns during the very first weeks of the tax season.
Most recently, the IRS has indicated that refunds should be issued within 21 days of filing when the process is done electronically with TurboTax or other online means. This is the quickest way to file and get a refund.
Koskinen said that tax refunds may be late because the IRS has experienced budgetary cuts. He did not indicate, though, how late refunds would be.
Average refunds for 2013 were around $2,800 each. The IRS figures on processing around 150 million tax returns for individuals this year.