The Internal Revenue Service says that the tax-filing season starts on January 20, 2015. Taxpayers have the okay to start filing their 2014 taxes via TurboTax on this day. Although Congress passed a last minute tax law that has already been signed by President Barack Obama, this will not delay the start of the tax-filing season.
At the beginning of the month, Congress passed a bill that extends over 50 tax breaks that expired at the beginning of 2014. This law, which was signed into law by the President on December 19, provides extensions for each of these tax breaks until the end of 2014. This gives taxpayers the ability to take advantage of these tax breaks for the 2014 tax season.
Traditionally, the tax-filing season has always been delayed when Congress passed last minute tax laws. But according to John Koskinen, the IRS Commissioner, there will be no delay this tax season.
The IRS Commissioner says that the agency looked at the latest tax law changes and ascertained that there weren’t any changes that prevented them from performing their normal updates and tests.
Millions of taxpayers like to file their taxes via TurboTax at the beginning of the year so that they can get back early refunds. This happens every year for those who choose to file electronically by using a tax software program such as TurboTax.
The IRS says that in the past few years it gave out most electronic tax refunds within three weeks. The agency states that filing an electronic tax return via TurboTax is the quickest way to obtain a tax refund.
Not too long ago, the IRS Commissioner stated to the press that there may be a delay with taxes 2014 for tax refunds because of internal IRS budget cuts. But he would not give a time frame for the delays associated with taxes 2014.
It is estimated that close to 150 million individual tax returns will be filed by the Internal Revenue Service for taxes in 2014. The average tax refund is normally about $2,800.