Taxpayers may want to file by February 15 in case of a second shutdown
RAPID CITY, S.D. — Taxpayers are being advised to get their taxes filed in the next few weeks in case a second government shutdown occurs.
Although federal agencies have begun the process of reopening, the White House warned on Sunday that President Trump is willing to shutdown the government again.
On Friday, President Trump agreed to temporarily reopen the government for three weeks, ending a 35-day shutdown, the longest in U.S. history. During this time, the White House and Congress will attempt to negotiate a deal on border security in order to keep the government open beyond three weeks.
President Trump told the Wall Street Journal on Sunday that he believes the odds of a successful negotiation are less than 50 percent.
Acting Chief of Staff, Mick Mulvaney also announced on Sunday that the President is willing to shutdown the government again, or declare a national emergency to fund the wall’s construction.
Due to the uncertainty, it’s recommended that taxpayers file early this season.
In addition, this is the first year that the GOP’s tax cuts go into effect, meaning it may take longer than usual to navigate the new policies.
According to Mark Steber, chief tax officer at Jackson Hewitt, “There have been many things for taxpayers to be concerned about this year when it comes to taxes. From the largest tax reform in 30 years to a government shutdown lasting over a month, taxpayers who feel uncertain about their taxes this year are not alone.”
On the bright side, 65 percent of households are expected to see a tax cut this season as a result of the GOP’s new tax policy, according to the Tax Policy Center.
However, the analysis also indicates that the majority of the cuts will go to wealthier Americans. Households earning $50,000 to $75,000 annually are predicted to get an $870 cut, while a household earning $1 million or more will see a $69,660 cut.
Taxpayers should aim to file before February 15th, the date that the government potentially could shutdown again.
For more information, including a link to the IRS’s free online tax filing service, visit https://www.irs.gov/.