It’s time for your taxes.
The 2018 tax season is on its way! The IRS just announced the dates that you need to remember. Don’t forget to keep track of time since January 29th marks the start of tax season 2018. Here’s how to get started with your 2017 tax return.
2018 Tax Season Calendar
The IRS has announced that starting on January 29th, they will begin accepting e-filed returns for the 2018 tax season. Here are dates you should remember:
- On January 1st, Rapidtax launched the 2017 tax application so you can start your return as soon as possible!
- January 29th is when the IRS allows you to start e-filing your 2017 tax return.
- January 31st marks the deadline when employers must issue income statements to employees.
- April 17th is the tax deadline for individual returns and when you should file an extension if you haven’t finished your tax return.
- Mid October marks the deadline for your extension and when you must file your tax return since the IRS has not yet announced this date.
The Earlier, the Better!
Don’t stall this tax season. File your return early and get your refund sooner. However, there are a few things to consider this tax season. In an attempt to reduce fraudulent returns, the IRS will delay refunds for taxpayers claiming the refundable Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). As a result, taxpayers who claim these credits should expect their refund after February 27th. Typically, the IRS issues refunds within 21 days, if there’s no further review.
For taxpayers who have an Individual Taxpayer Identification Number (ITIN) with the middle digits of 70, 71, 72 or 80, ensure to renew your Individual Taxpayer Identification Number (ITIN) since it will expire at the end of the year.
Gather all your information.
The IRS advises taxpayers to gather ALL of their income statements and receipts to file a complete tax return to prevent any delays in their refund. Keep in mind, this information is important when filing:
- SSN and DOB: Please make sure that all of the digits are correct when entering your personal information to prevent any delays in your refund.
- Income statements: W-2 Statement, 1099 Forms, etc.
- Health Insurance: Most returns are amended due to incorrectly entering health insurance forms. Be sure to have all of the accurate forms. (Forgetting to file Form 1095-A for the Premium Tax Credit Form 8962 is a common mistake so make sure it is accurate.)
- Charitable Donation Receipts: Make sure to obtain a letter of recognition indicating the date, the amount donated as well as the organization name of any charity you are donating to.
- Job/Business Expenses Records: If you are itemizing deductions, the IRS will want documentation such as receipts to verify your expenses to find out if they are qualified.
Above all, you will need documentation to support any expenses you are reporting, especially if you are itemizing your deductions. If you’re missing a W-2, contact your employer for a copy. By any chance, if you do not have your income statements, you should request an IRS income transcript by following this link.
How Do I File a 2017 Tax Return
You can choose to either e-file your 2017 tax return online or prepare a paper-filed return. With RapidTax, all you need to do is follow these three easy steps:
- Go to RapidTax to select the 2017 tax year to create a username and password.
- Enter your tax information such as your income, deductions, and credits.
- Submit your account to us once you are ready
On January 29th, Rapidtax will allow you to e-file your return and get an IRS status within two business days! We suggest choosing direct deposit when e-filing your return to receive your refund in less than 21 days. With Rapidtax, you can check your electronically filed return’s IRS acceptance status and track your refund right from your Status Page.
Don’t want to pay right away?
No problem. If you qualify, RapidTax offers direct deposit with the “Fee From Refund” option. This means that if you purchase this option, your tax preparation fees will be directly deducted from your refund. All you need to do is wait on receiving your refund for the 2018 tax season.
Can’t afford your tax due?
Luckily, if you can’t afford to pay off your tax due to the IRS immediately, you can arrange a payment plan with the IRS. RapidTax offers this option for taxpayers! All you need to do is include your correct bank Routing and Account number for the direct withdrawal option or you can choose to send a paper check monthly to the IRS.
Another way to pay your tax due is through the IRS Direct Pay by clicking here. Additional fees may apply.
Be sure to file.
Mark January 1st on your calendar! Start your 2017 tax return before receiving your income statements to figure your refund. RapidTax is here to get your refund as soon as possible! Our live representatives are here to answer any questions you have.
Friday, December 22nd, 2017 at 4:45 pm and is filed under Late Taxes | Blog.