Considerations for 2018 Tax Filing Season
Monday, February 5, 2018
The IRS is now accepting tax returns as the annual tax filing season is underway. The IRS expects taxpayers to file more than 155 million returns this year. Here are some things for taxpayers to consider as they are filing:
- People have until Tuesday, April 17, 2018, to file their 2017 returns and pay any taxes due.
- Choosing e-file and direct deposit is the fastest and safest way to file an accurate income tax return and receive a refund.
- By law, the IRS cannot issue some refunds before mid-February. These refunds are for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit. The IRS expects the earliest refunds related to EITC and ACTC to be available in taxpayer bank accounts or on debit cards starting on Feb. 27, 2018.
- The best way for taxpayers to check the status of a refund is to use “Where's My Refund?” on IRS.gov or the IRS2Go mobile app.
- Taxpayers should have their year-end statements in hand before filing. This includes Forms W-2 from employers and Forms 1099 from banks and other payers. Doing this helps avoid refund delays and the need to file an amended return.
- Many Individual Taxpayer Identification Numbers expired on Dec. 31, 2017. This includes any ITIN not used on a tax return at least once in the past three years. Also, any ITIN with middle digits of 70, 71, 72 or 80 is now expired. Affected taxpayers should act soon to renew their number.