Last week, the IRS finally announced the opening date of the 2018 filing season: January 29. That’s the date the IRS will begin accepting tax returns from the almost 155 million Americans that are expected to file this year.
In the official IRS statement, they stated that the reason the date is on the 29th this year is to “ensure the security and readiness of key tax processing systems in advance of the opening and to assess the potential impact of tax legislation on 2017 tax returns.”
But, if you were hoping to do your taxes earlier than the 29th, there are many tax software that will allow you to submit your taxes to them now. You can use these services to submit your taxes and then they will automatically send your return to the IRS once the official filing season begins.
While the IRS will be accepting both electronic and paper tax returns on January 29, paper returns will begin processing in mid-February, due to the ongoing IRS system updates. So, if you’d like to get your return processed quickly, electronic filing is the way to go this year.
The IRS announcement also included an important reminder about delayed tax refunds. Those claiming the Earned Income Tax Credit (EITC) and/or the Additional Child Tax Credit on their return this year will not be able to receive their tax refunds until late-February, even if they file earlier than that. Due to new tax laws, the IRS cannot send refunds for returns claiming these credits until mid-February. The IRS expects that the earliest EITC and/or ACTC related refunds will be available in taxpayer bank accounts or on debit cards starting on February 27th, if the taxpayer chose direct deposit and there are no other issues with the tax return.
The IRS’s filing season announcement also included an important note on this year’s tax filing deadline. The filing deadline for each year is always on April 15, unless that date falls on a weekend or holiday, in which case the deadline moves to the next business day. This year, April 15 is on a Sunday but the filing date will not move to following Monday due to it being Emancipation Day, a legal holiday in the District of Colombia. The District of Colombia holidays affect tax filing across the United States so this year’s tax deadline will fall on on Tuesday, April 18.
File Starting January 29
Are you ready for the 2018 tax season? If you aren’t quite ready yet, the IRS offers many resources on their official website to help taxpayers get prepared to file. In last week’s official statement, the IRS also reminded taxpayers that using a trusted tax professional can provide them with helpful information and advice. Using a trusted, expert tax professional like our excellent tax preparers here at Vanguard Tax Relief can help you make sure you file your return correctly and on time, getting you your best possible tax return quickly and easily.