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It's almost tax time, are you ready?

January 11, 2018

 

The Internal Revenue Service has announced that the nation’s tax season will begin Monday, Jan. 29, 2018, with nearly 155 million individual tax returns expected to be filed in 2018.

 

The IRS will begin accepting tax returns on Jan. 29, The nation’s tax deadline will be April 17 this year giving taxpayers two additional days to file beyond April 15, which falls on a Sunday. Usually this would 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. For that reason, the nation’s filing deadline is Tuesday, April 17, 2017. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.

 

It's not too late to find a tax preparer to help you with last year's return. The professionals at LR Tax & Accounting are up-to-date with the latest IRS requirements and will assist you with an accurate and timely tax filing. 

 

Many software companies and tax professionals will be accepting tax returns before Jan. 29 and then will submit the returns when IRS systems open. Although the IRS will begin accepting both electronic and paper tax returns Jan. 29, paper returns will begin processing later in mid-February as system updates continue. The IRS strongly encourages people to file their tax returns electronically for faster refunds. The team at LR Tax & Accounting will help you meet these deadlines and make sure your return is properly submitted. 

 

The IRS reminds taxpayers that, by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit and the Additional Child Tax Credit before mid-February. While the IRS will process those returns when 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 or on debit cards starting on Feb. 27, 2018, if they chose direct deposit and there are no other issues with the tax return. This applies to the entire refund, even the portion not associated with the EITC and ACTC.

 

The IRS also reminds taxpayers that they should keep copies of their prior-year tax returns for at least three years. Taxpayers who are using a tax software product for the first time will need their adjusted gross income from their 2016 tax return to file electronically. Taxpayers who are using the same tax software they used last year will not need to enter prior-year information to electronically sign their 2017 tax return. Using an electronic filing PIN is no longer an option. Taxpayers can visit IRS.gov/GetReady for more tips on preparing to file their 2017 tax return.

 

The IRS also has been working with the tax industry and state revenue departments as part of the Security Summit initiative to continue strengthening processing systems to protect taxpayers from identity theft and refund fraud. The IRS and Summit partners continued to improve these safeguards to further protect taxpayers filing in 2018.

 

Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund. The IRS expects more than four out of five tax returns will be prepared electronically using tax software. The IRS still anticipates issuing more than nine out of 10 refunds in less than 21 days, but there are some important factors to keep in mind for taxpayers. Avoid preparers who base fees on a percentage of the refund or who boast bigger refunds than their competition. Instead, look for a tax preparer like LR Tax & Accounting who has a set fee schedule.

 

After refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. 

 

The IRS also reminds taxpayers that a trusted tax professional can provide helpful information and advice. Tips for choosing a return preparer

 

LR Tax & Accounting offers a free one-hour consultation. Come visit us to see how we can handle your tax preparation needs. Contact Us to schedule an appointment today. 

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