As of January 15th, the government shutdown is still in effect and many people are questioning how this is going to affect them. Tax season is rapidly approaching, will the government shutdown affect my tax returns? We can tell you what is known so far about the shutdown and how it could affect you, right here.
[Read More: 4 Smart Ways to Spend Your Tax Refund!]
As of the writing of this, the Internal Revenue Service (IRS), has not published an updated contingency plan for the shutdown, which basically means that it is business as usual for the IRS and taxpayers moving forward. The IRS has still maintained that the filing season will open on January 28th, as usual, and will still send out refunds to filers, regardless if there is a shutdown or not.
So, as of now, you can still file your taxes and should still receive your refunds in full regardless of how long the shutdown lasts. However, this is also the first year under the new tax law passed in December of 2017 so there will be some new things to consider.
Perhaps the biggest obstacle the shutdown poses is that the IRS will have fewer employees on hand to answer questions, which could lead to longer wait times and frustrated filers.
How to Get Ready for Tax Season
All of this means that this could be a headache of a tax filing season. But there are ways for you to get ready and file your taxes as smooth and easy as possible.
Make a checklist of everything you’ll need this tax season from W-2’s to 1099s and begin to gather your documents. Being as prepared as possible is key.
Pull out last year’s tax return to help you remember your credits and deductions. Also, use online calculators that can help you anticipate what your tax situation is for this year.
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