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
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.