Tax Changes for 2017 -2018

2017 Tax Items Include the following:
Revised: 1/4/18
E-file:  The IRS will open the electronic filing system for individual returns on 1/29/18.  Returns can be prepared as soon as taxpayers have their tax documents and will be e-filed on the first date the IRS accepts returns. 
The IRS will begin accepting individual tax returns on 1/29/18. 
This page is subject to change as tax laws continually change.  
The most significant legislation which was established in the prior year delayed refunds.  The delays are applicable only to select returns claiming specific tax credits detailed below.  Regardless of pending legislation, these delays are an IRS provision and will remain in effect for refunds issued in 2018.

Individuals claiming earned income tax credits, additional child tax credits and/or education credits - ***NOTE*** IRS will delay refunds for returns with any of these three criteria.  The earliest a refund will be issued is 2/15/18.  This is applicable only to those claiming the three credits.  All other taxpayers will NOT expected to be affected by the delays. 

Individual tax rates

All the individual marginal tax rates under are retained (10%, 15%, 25%, 28%, 33%, 35% and 39.6%). 

Capital gains and dividends

Capital Gains Rates Vary depending on numerous factors including the type of transaction generating the capital gain and the effective tax rate of the taxpayer. 

Health Care Reform Act

With the 2017 tax returns, penalties for failure to have health insurance continue.  If you have full year health insurance coverage, Medicare or Medicaid you have met the requirements.  Certain low income taxpayers without coverage will not be penalized.   

Business Tax Changes

See our separate pages for Section 179 & Bonus depreciation and the Business Tax Deduction Checklist pages.

Business e-file opens in January,  2018.  Early filing is recommended.

The IRS and SSA have changed due dates for returns.  ALL W2's and 1099's must be filed by 1/31/18. There is no extension available for these returns and significant penalties will be imposed for late filing of 2016 Forms W2 or 1099's.

All calendar year Partnership returns are due March 15th.  An extension is available.

All calendar year C Corporation returns are due April 15th.  An extension is available.

All calendar year S Corporation returns are due March 15th.  An extension is available. 

Visit our Newsletter Section for more updates.

Myra B. Carlisle, CPA
Myra Carlisle & Company, PC
2107 Martin Street S Suite 100
Pell City, Alabama 35128-2354

IRS Circular 230 Notice: If this e-mail contains tax advice, this written advice was not intended to be used, and cannot be used by anyone,  for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax provisions.