2019 Tax Deadline for Filing 2018 Tax Returns

The IRS and Ohio Department of Taxation announced in January, they will start accepting tax returns on Monday, January 28, 2019. The IRS expects to receive more than 150 million individual tax returns this season, and the Ohio Department of Taxation expects to process state tax returns for 5.5 million taxpayers. For Ohioan taxpayers filing returns for tax year 2018, the 2019 tax deadline for filing federal and state tax returns is Monday, April 15, 2019.

The IRS cannot issue refunds for tax returns claiming the Additional Child Tax Credit (ACTC) or Earned Income Tax Credit (EITC) until the middle of February as required by law. The Protecting Americans from Tax Hikes Act (PATH) of 2015 requires the IRS not to issue refunds on these tax returns until mid-February. The law was enacted to help the IRS stop tax identity thieves and fraudulent returns. If there are no other issues with your tax return, the earliest taxpayers, filing returns claiming the Additional Child Tax Credit or Earned Income Tax Credit, can expect refunds direct deposited to start hitting their accounts is the end of February.

Also, the IRS will not start process tax returns mailed until the middle of February. If you want your tax refund processed as accurately and quickly as possible, the IRS strongly urges taxpayers to file electronically.

How Long do Employers, Banks, and Brokerages have to Issue Tax Forms?

Employers and other businesses have until Thursday, January 31, 2019 to postmark tax forms, including W-2s and 1099s that report wages, nonemployee compensation, distributions from retirement accounts, bank interest, and dividends. Financial institutions reporting the sales of stocks, bonds, and mutual funds and real estate agencies reporting the sale of properties have until February 15, 2019 to postmark their 1099s.

It is important you wait until you have receive all of your tax documents before filing. If you file without receiving all of your tax forms, more than likely, you will need to file an amendment to your tax return. If you have not received your W-2s by the middle of February, you should contact your employer and request another they reissue you another one.

What Happens if You Cannot File Before the Deadline?

If you cannot file before the April 15, 2019 deadline and owe taxes, it is important to file an extension. When you file the extension, you should estimate the amount of taxes you owe and submit a payment with your extension. If you cannot submit the payment, you should still file your taxes or an extension. The penalties for failing to file are greater than the penalties for failing to pay. Filing for an extension pushes your tax filing deadline back to October 15, 2019 giving you six more months to finish your 2018 tax return.

Regardless of whether or not you file an extension, IRA contributions for the 2018 tax year must be funded by April 15, 2019.

If you qualify to receive a refund, you have three years to file your tax return. This means for tax year 2018, you have until April 15, 2022 to file your tax return and claim your refund.

The Bottom Line

The 2019 tax deadline to file your 2018 federal and Ohio state tax returns is Monday, April 15, 2019. Make sure you have all your tax documents, so your tax preparer can file your tax return accurately the first time. If you need extra time, the tax professionals at Gudorf Tax Group can file an extension for you giving you until October 15, 2019, another six months, to file your returns. Even if you need more time, you should file your extension and pay your estimated amount due by April 15, 2019. However, keep in mind the penalty for failure to file is greater than the penalty for failure to pay. If you cannot afford to pay your taxes, the tax professionals at Gudorf Tax Group can help you complete an installment agreement with the IRS. Schedule an appointment with the tax professionals at Gudorf Tax Group to prepare your 2018 tax returns or file for an extension.