WASHINGTON ― The Internal Revenue Service announced that the nation’s tax season will begin Monday, Jan. 29, 2018, and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds. The IRS will begin accepting electronic tax returns that day, with more than 155 million individual tax returns expected to be filed in 2018. The IRS again expects more than four out of five tax returns will be prepared electronically using tax return preparation software. The nations tax deadline will be April 17 this year, so taxpayers will have an additional two days to file beyond April 15th.
Many software companies and tax professionals will be accepting tax returns before January 29th and then will submit the returns when IRS opens. See store for details!
The IRS set the January 29th opening date to ensure the security and readiness of key tax processing systems in advance of the opening and to assess the potential impact of the tax legislation on 2017 tax returns.
The IRS reminds taxpayers that, by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before mid-February. While the IRS will process those returns received, it cannot issue related refunds before mid-February. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts starting on February 27, 2018, if they chose direct deposit and there are no other issues with the tax return.
The filing deadline to submit 2017 tax returns is Tuesday April 17, 2018, rather than the traditional April 15 date. In 2018, April 15 falls on a Sunday, and this would usually move the filing deadline to the following Monday April 16. However, Emancipation Day, a legal holiday in the District of Columbia, will be observed on that Monday, which pushes the nations filing deadline to Tuesday, April 17, 2018. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.
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