Keegan's Tax and Financial Services
Keegan's Tax and Financial Services

Tax Topics

Tax Changes for 2018 (Tax Year 2017)

 

 

 

 

 

 

 

 

 

  • The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February.

    The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018. The nation’s tax deadline will be April 17 this year – so taxpayers will have two additional days to file beyond April 15. 

  • Delayed Refunds

     

  • Expecting a refund? Some refunds cannot be issued before mid-February.
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  • While the IRS will process your return when it is received, it cannot issue related refunds before mid-February.
  • The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb 27, 2018, if they chose direct deposit and there are no other issues with the tax return.
  • April 17 Filing Deadline

    The filing deadline to submit 2017 tax returns is Tuesday, April 17, 2018, rather than the traditional April 15 date. In 2018, April 15 falls on a Sunday, and this would usually move the filing deadline to the following Monday – April 16. However, Emancipation Day – a legal holiday in the District of Columbia – will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 17, 2018. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.

Expired Individual Taxpayer Identification Numbers (ITIN)

What You Need to Know

  • If you require an ITIN (required in lieu of a Social Security Number) to file a tax return, you are likely to experience processing delays if you file using an expired ITIN.
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  • There are two reasons your ITIN would expire December 31, 2017:
     
    • If you have not used your ITIN on a U.S. tax return at least once for tax years 2014, 2015 or 2016 or
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    • If your ITIN has the middle digits 70, 71, 72 or 80   (9NN-70-NNNN)
  • If your ITIN has middle digits 78 or 79, it expired December 31, 2016, but you can still renew it.

        What You Need to Do

  • Renew your ITIN now if it has or will expire and you need to file a U.S. tax return in 2018.
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  • You don’t need to take any action to renew your ITIN if you are not required to file a tax return.
  • Understand the new documentation requirements when applying for or renewing an ITIN for some of your dependents.

 

  • Call us today to request a "Taxpayer Checklist" to be mailed to you before your tax interview. We want to keep you organized!

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