2018 Tax Up-date
2018 Tax Up-date
1. Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
•53.5 cents per mile for business miles driven, down from 54 cents for 2016
•17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016
•14 cents per mile driven in service of charitable organization.
2. Maximum Credit Amounts Increased
The maximum amount of credit for Tax Year 2016 is:
•$6,269 with three or more qualifying children
•$5,572 with two qualifying children
•$3,373 with one qualifying child
•$506 with no qualifying children
3. The Path Act passed in 2016, alerts taxpayers that it’s a new law requiring the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until Feb. 15. The law was passed to help detect and prevent fraud.
4. Taxpayers who are changing tax software products this filing season will need their adjusted gross income from their 2015 tax return in order to file electronically. The Electronic Filing Pin is no longer an option.
5. Where's My Refund? on IRS.gov and the IRS2Go phone app will be updated with projected deposit dates for early EITC and ACTC refund filers a few days after Feb. 15. Taxpayers will not see a refund date on Where's My Refund?
WASHINGTON ― LAST YEAR The Internal Revenue Service announced 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 15.
The IRS HAS NOT RELEASED OPENING DATE FOR 2019 YEAR YET.
IRS WILL NOT START PROCESSING RETURNS WITH EIC/CHILD TAX CREDIT UNTIL FEBRUARY 15.
The IRS reminds taxpayers that, by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before mid-February. While the IRS will process those returns when 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.