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The IRS will begin accepting tax returns January 29th for 2017 tax year

This is the official day that the Internal Revenue Service will begin processing both electronic and paper returns.  This anticipated announcement came much later than we’ve seen in previous years.  With millions of tax returns expected to be filed in 2018,  this date comes about a week later than the year before..  This additional time allows the nations collection agency time to prepare, test and implement changes to adhere to the 2017 tax legislation.

The deadline for filing 2017 returns is Tuesday, April 17, 2018, because April 15th is a Sunday and Emancipation Day is celebrated in Washington D.C. on Monday, April 16th. Therefore, taxpayers will have two extra days to file beyond the traditional April 15th due date.

To add to the pool of delays, the IRS reminds taxpayers that, by law, it can’t issue refunds claiming the EITC and the ACTC before mid-February. It expects that the earliest that EITC/ACTC related refunds will be available in taxpayer bank accounts or on debit cards is February 27, 2018 for direct deposits when there are no other issues with the tax return.

The agency strongly recommend taxpayers file tax returns electronically.  Selecting to electronically file and direct deposit for refunds remains the fastest and safest way to file an and receive a refund from a income tax return.

Mark your calendar and know when to file to avoid penalties and interest charges.  See below.

January 16, 2018 4th Quarter 2017 Estimated Tax Payment Due
If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, get them postmarked by January 15, 2018 tax deadline.

 

 
 April 17, 2018 Individual Tax Returns Due for Tax Year 2017
If you haven’t applied for an extension, e-file or postmark your individual tax returns by midnight April 18, 2017.

 

Individual Tax Return Extension Form Due for Tax Year 2017
Need more time to prepare your tax return? File your request for a tax extension by April 17 to push your tax deadline back to October 15, 2018.

 

1st Quarter 2018 Estimated Tax Payment Due
If you are self-employed or have other first-quarter income that requires you to pay quarterly estimated taxes, get your Form 1040-ES postmarked by April 17, 2018 tax deadline.

 

Last Day to make a 2017 IRA Contribution
If you haven’t already funded your retirement account for 2017, do so by April 17, 2018. That’s the deadline for a contribution to a traditional IRA, deductible or not, and a Roth IRA. However, if you have a Keogh or SEP and you get a filing extension to October 15, 2018, you can wait until then to put 2017 money into those accounts.

 

 
 June 15, 2018 2nd Quarter 2018 Estimated Tax Payment Due
If you are self-employed or have other second-quarter income that requires you to pay quarterly estimated taxes, make sure your payment is postmarked by June 15, 2018 tax deadline

 

 
September 17,  2018 3rd Quarter 2018 Estimated Tax Payment Due
If you are self-employed or have other third-quarter income that requires you to pay quarterly estimated taxes, make sure your third quarter payment is postmarked by Sept. 17, 2018 tax deadline.

 

 
October 15, 2018 Extended Individual Tax Returns Due
If you got a filing extension on your 2017 tax return, you need to get it completed and postmarked by October 15, 2018.

 

Last Chance to Recharacterize 2017 Roth IRA Conversion
If you converted a traditional IRA to a Roth during 2017 and paid tax on the conversion with your 2016 return, October 15 2018 is the deadline for recharacterizing (undoing) the conversion. Doing so could save you money if the IRA has lost money since the time of the original conversion.

 

 
January 15, 2019 4th Quarter 2018 Estimated Tax Payment Due
If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, get them postmarked by January 15, 2019 tax deadline.