Last week the Internal Revenue Service (IRS) announced that the 2018 tax filing season will begin on Monday, January 29. While the IRS will begin accepting tax returns on that date, many software companies and tax professionals will begin accepting tax returns before Jan. 29 and will then submit the returns when IRS systems open.
Rather than the traditional April 15 date, the deadline to submit a 2017 tax return is Tuesday, April 17, 2018. This year, April 15 falls on a Sunday, and the following Monday is Emancipation Day – a legal holiday in Washington D.C. – pushing the filing deadline to Tuesday.
Selecting e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund. After refunds leave the IRS, additional time is necessary for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds will reach taxpayers.
Taxpayers are reminded that they have a variety of options to get help filing and preparing their return on IRS.gov. For faster refunds, taxpayers are strongly encouraged to file returns electronically. The IRS also reminds taxpayers to keep copies of their prior-year tax returns for at least three years. Taxpayers who are using a tax software product for the first time will need their adjusted gross income from their 2016 tax return to file electronically.