When to fle income taxes

When to file income taxes?

You can start filing your income taxes as early as January 11 the following tax year. So, if you are filing for the tax year 2007, you can start filing your 2007 taxes as early as January 11, 2008. See When do you have to file taxes? for requirements for filing income taxes.

Deadline to file income taxes

However, the deadline for filing your income taxes is not until April 15 for most taxpayers. So as soon as you receive your tax forms such as W-2 forms, 1099 forms and other tax documents, you can start preparing your taxes to be filed with the IRS. You have until April 15 to send your tax return in whether you are filing in paper form or electronically.

You need to file income taxes on time

If you are required to file income taxes (and not everyone is required to file income taxes) then you must file your income tax returns on time to avoid tax penalties or you must file for an extension.

In general, most people who have easy tax returns file their tax returns early especially if they expect some tax refunds from the IRS. In contrast, taxpayers with rather complicated tax returns such as with properties, investments, IRAs, or business income, etc tend to wait until nearer to the deadline for filing tax returns to prepare their taxes because they are likely to owe the IRS some money rather than get a refund from the IRS.

It does not matter when you file your income taxes, as long as it is before April 15 or the deadline for tax filing if not April 15. Failure to file your income taxes on time can result in IRS assessing penalties.

Tax Questions is a resource and information website only. We do not offer individual advice. For specific tax questions and answers, you are advised to consult your tax attorney.