Theo Thimou, Clark.com
We’re just days away from the opening of tax season 2018. According to the Internal Revenue Service (IRS), some 155 million individual tax returns will be processed in 2018.
Here’s an overview of what you can expect this year…
Key 2018 tax dates to know
People are already buzzing about the new IRS withholding tables and the bump they’re expected to bring to your paycheck starting next month.
But before that happens, there are already some key tax dates in play right now.
Free File software opens for anyone with income below $66,000.
Through this program, taxpayers can file their federal taxes with free and easy-to-use software. Free state return options are available, too.
Martin Luther King Jr. Day is a federal holiday during which no business is transacted.
The IRS will begin accepting e-filed returns and traditional paper tax returns.
While you were able to file with most software companies and tax professionals earlier in the month, they were required to hold your return until this date.
Meanwhile, for people with incomes above $66,000, Free File fillable forms become available on January 29. The IRS anticipates that paper returns will begin processing in mid-February.
President’s Day is a federal holiday during which no business is transacted.
This is a key date if you claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) and are waiting for a refund.
While your return gets processed as soon at it is received, the IRS is required to hold your refund until mid-February if you claimed either of these two credits.
Therefore, the IRS says that February 27 is the earliest EITC or ACTC-related refunds will be available to taxpayers — provided you picked direct deposits and there are no other issues holding up your return.
Good news, procrastinators! April 15 is the traditional Tax Day, but it falls on a Sunday this year.
That means the date your taxes are due gets pushed back to the next business day. Sort of…
Emancipation Day — a legal holiday in the District of Columbia — is observed on Monday, April 16.
So that effectively pushes the entire nation’s filing deadline one day later.
Third time’s a charm, right?
Tuesday, April 17, 2018 is the IRS filing deadline this year. Either get your tax return in by this date or make sure you file for an extension!