When Can I File My 2016 Taxes in Virginia?

Tax season is here and if you’re excited to get your refund, or nervous about what you may owe, you’d like to know when you can get started on filing your 2016 taxes if you have all of your documents ready now.

When Will the IRS Accept Tax Returns?

A majority of states, including Virginia, will not start accepting tax returns until the IRS does. The IRS will begin accepting tax returns on January 23 for the 2016 tax year. Due to the federal holiday Emancipation Day falling on Monday, April 17, the tax filing deadline for your federal tax return is April 18, 2017. For your Virginia state income tax return, you have until May 1, 2017. If you are a fiscal-year taxpayer, your tax filing deadline for both the IRS and Virginia is four months after fiscal year-end.

January 23 is the absolute earliest date that you can file both your federal and Virginia tax returns. However, you’ll want to make sure that you have all of your documents ready first. If you have a fairly simple tax filing situation such as only receiving a W-2 form from your job, filing your taxes right away on January 23 is an option. But if you may not be unaware that you are due to receive any 1099 forms from investment income, debt cancelation, or side hustles in addition to other tax forms, you may want to wait to file your tax return. Not having all of your tax forms on hand but still opting to file now, only to get more documents later, means that you will need to file an amended tax return. Amended tax returns can get both time-consuming and costly, and a headache you can avoid by opting to wait to file your taxes if you are unsure whether or not you have all of the information and documents necessary to file your original tax return correctly.

If you do not think that you will have all of the documentation necessary for your federal tax return by April 18, and for your state return by May 1, you may want to consider filing for a six-month extension. Filing for an extension will give you more time to get your documents in order and avoid the late filing and failure-to-file penalties. Be advised though that the extension is merely an extension of time to file, and not time to pay. If you have a balance due, interest will still rack up on the balance until you file a return and start making payments. Unlike the IRS, Virginia does not charge a late filing fee if you are due a refund and you file after the original or extension deadline.

Rue & Associates is happy to answer any questions and concerns you have about your income taxes, and we can help you get a head start on your tax returns before filing season officially starts. Please give us a call today to speak to one of our friendly and professional tax law experts.