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Tax Season-Ready, Set, File

This week starts the 2018 tax filing season. To say this is a year of change would be an understatement given the impact of the 2017 tax law. Preparers and clients are still grappling with the meaning of that regulation.

What kind of season will it be? The failure of the 2017 season to show any growth in the number of returns filed surprised the industry. This year, most bets are a 1 percent or less increase in the number of returns

This year will be the same in one one way—by law those seeking the Earned Income Tax Credit and Additional Child Tax Credit must wait until mid-February. Given the processing system, they will not see the refunds in their bank accounts or on their debit cards until February 27.

The end of the season is April 17 as April 15 is on Sunday and Monday, April 16, is Emancipation Day, a holiday in Washington D.C. Those requesting an extension have until Monday, October 15 to file.

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