Tax filing season is upon us once again. The following are some important dates and policies that will apply to the upcoming filing season.
- The Internal Revenue Service will begin accepting 2017 tax returns on Monday, January 29.
- This year’s filing deadline falls on Tuesday, April 17 since the normal deadline of April 15 is on a weekend and the Emancipation Day holiday in Washington, D.C. falls on the 16th.
- It’s important to file your return as early as possible. You’ll get your refund quicker and help protect yourself from identify theft. ID thieves seeking refunds on fraudulent returns typically file them early before legitimate tax payers have a chance to file.
- Some refunds will be held up until February 27. This applies to returns that claim the earned income tax credit or the refundable child tax credit.
The 2018 withholding tables have been released by the IRS. These new tables reflect the new law tax rates and brackets, the higher standard deduction and the removal of personal exemptions. The IRS has told employers to use the new tables as soon as possible, but no later than February 15. Many of you will see an increase in take home pay once the new tables kick in.
The IRS will be issuing a revised Form W-4 soon that reflects the new law. This is the form you give to your employer indicating the number of allowances used to withhold taxes. You will not be required to submit a new W-4 but doing so could help to keep your withholdings in line so stay tuned for more information.
That is the latest news in the tax world. Please contact my office if you have any questions about the above information.