Tax Season is coming! Are you ready?
The Internal Service Revenue (IRS) has announced that tax season has begun Monday, January 29, 2018 and has reminded taxpayers that claiming certain tax credits will not be available before late February 2018.
The IRS is expecting nearly 155 million individual returns to be filed this year!
Paper returns will begin processing later in mid-February as system updates continue. So for a faster refund, it is strongly suggested to file your tax returns electronically.
The January 29 opening date is set to ensure the security and readiness of key processing systems in advance of the opening and to assess the potential impact of tax legislation on 2017 returns.
Reminders for Tax Refunds
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.
In addition to that, while the IRS will process returns when received, it cannot issue related refunds before mid-February. EITC/ACTC related refunds are expected to be available in taxpayers’ 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.
The IRS also reminds taxpayers that they should keep copies of their prior-year returns for at least three years. Taxpayers who are using a software product for the first time will need their adjusted gross income from their 2016 return to file electronically.
Using an electronic filing PIN is no longer an option.
Refunds in 2018
When it comes to filing tax returns, e-filing and direct deposit for refunds will always be the fastest way to file an accurate income return and receive a refund. The IRS still anticipates issuing more than 9 out of 10 refunds in 21 days; however, to avoid refund delay, it is highly advised not to process payments on weekends and holidays because this could affect the timing.
Checking the Status of your Refund
It is still the best to check the refund status via the Where’s my refund? Tool on IRS.gov and IRS2Go app. Both will be updated with the projected deposit date for early EITC and ACTC refund filers in late February.
Helpful links for Taxpayers
There are variety of options to get help and preparing your tax return on IRS.gov, the official website of IRS.
Let Us Help You The answer to most tax questions can be found on this page. You can find the answers here to your questions and resolve issues online.
IRS Services Guide This is where you can find links for IRS services.
IRS.gov/account This is where you can securely access information about your federal tax account.
Using IRS.gov/account, you can view the amount you owe, pay online or set up an online payment agreement, access your tax records online, review the past 18 months of payment history, and view key tax return information for the current years.
IRS.gov/secureaccess On this page, you can review the required identity authentication process.
In addition to that, 70% of the nation’s taxpayers are eligible for IRS Free File. Commercial partners offer free brand-name software to about 100 million individuals and families with incomes of $66,000 or less.
Aside from that, Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) offer FREE help to people who qualify. To know more, you may visit IRS.gov and enter “free tax prep” in the search box or download IRS2Go smartphone app to find FREE tax prep provider.
Most importantly, IRS reminds taxpayers that a professional can provide helpful information and advice.