This year’s tax return season will begin later than usual

0
68
This year's tax return season will begin later than usual
Couple doing home finances together at home

The Tax Service announced that the season for filing tax returns would begin on Monday, January 29, 2018, and also reminded taxpayers that in some cases, the refund would take place by the end of February.

The IRS will begin accepting tax returns on January 29, with nearly 155 million individual tax returns expected to be filed in 2018. The deadline for filing a tax return will be April 17 this year, so taxpayers will have two additional days to file applications.

Companies that accept tax returns electronically and tax professionals will accept tax returns until January 29 and then make a refund when the IRS system opens.

Although the IRS will start accepting electronic and paper tax returns on January 29, paper data will be processed later, in mid-February. The IRS strongly encourages people to file their tax returns electronically for a faster refund.

The IRS set the system opening date on January 29 to ensure security and prepare critical tax processing systems. In addition, the potential impact of tax legislation on 2017 tax returns will be assessed.

The IRS reminds taxpayers that by law, the IRS cannot issue tax refunds for Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) until mid-February. While the IRS will process these returns upon receipt, the service cannot issue related returns until mid-February. EITC / ACTC refunds are expected to be available in taxpayers’ bank accounts or debit cards from February 27, 2018, if a direct deposit has been selected and there are no other tax return issues.

The IRS also reminds taxpayers to keep copies of their previous annual tax returns for at least three years.

Taxpayers who file their tax returns for the first time need to make adjustments electronically. Taxpayers who use the same tax program they used last year will not be required to enter information for the previous year to put an electronic signature in the 2017 tax return.

Taxpayers can visit IRS.gov/GetReady for additional guidance on preparing to file for 2017.

April 17 is the deadline for applications.

The deadline for filing the 2017 tax return is Tuesday, April 17, 2018, not the traditional date of April 15. In 2018, April 15 falls on a Sunday, which usually postpones the deadline for applications to the following Monday – April 16. However, this Monday will mark Liberation Day – a legal holiday in the District of Columbia, which postpones the application deadline to Tuesday, April 17, 2018. Under tax law, legal holidays in the District of Columbia affect the deadline for filing documents throughout the country.

The IRS is also working to strengthen processing systems to protect taxpayers from identity theft and return fraud. IRS and Summit partners continue to improve these safeguards to protect their tax returns in 2018.

Refund in 2018

Electronic filing of a return and direct deposit for a refund remains the fastest and safest way to file an accurate income tax return and receive a refund. The IRS expects more than four of the five tax returns to be prepared electronically using tax software.

The IRS still expects to issue more than 9 out of 10 returns in less than 21 days, but taxpayers have some essential factors to consider.

The IRS reminds taxpayers that many financial institutions do not process payments on weekends or holidays, affecting taxpayers’ refunds.

Where’s My Refund? The IRS.gov tool and IRS2Go app are best to check your return status.

The IRS offers assistance to taxpayers.

The IRS reminds taxpayers that they have many options for getting tax returns on IRS.gov, the IRS’s official website. Taxpayers can find answers to their questions online. Let’s Help page helps you answer most tax-related questions.

Taxpayers can go to IRS.gov/account for secure access to their federal tax records. They can view the amount they have to pay online or set up an online payment agreement, access their tax returns online, view payment history for the last 18 months, and view essential information about their current tax return.

In addition, 70% of the country’s taxpayers are entitled to a free IRS file. IRS business partners offer free proprietary software to approximately 100 million people and families with $ 66,000 or less income.

Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) offer free tax assistance to eligible people. Go to IRS.gov and enter “free tax payment” in the search box to find out more and find the nearest VITA or TCE office, or download the IRS2Go smartphone app to find a free tax consultant. Go to IRS.gov and click on the “Submission” tab.

The last time the IRS delayed the start of the tax season was in 2014. Then the filing of tax returns began on January 31, as the process of upgrading IRS systems revealed significant technical failures in October 2013 due to the closure of the federal government for 16 days.

In 2017, the US Internal Revenue Service announced the acceptance of declarations on January 23, 2016 – on January 19, 2015 – on January 20, and 2014 – January 31.

LEAVE A REPLY

Please enter your comment!
Please enter your name here