Tax season has officially begun. From January 24 to April 18, nearly all taxpayers will be able to file their taxes electronically. The IRS has recently made some announcements in regards to your tax returns and what to expect. Let us go over some tips and tricks to make this tax season easier for you. Also, we will go over some key filing dates to make sure you do not miss any deadlines. Most importantly the question everyone wants to know, when should you expect your return? Let's discuss.
“From January 24 to April 18, nearly all taxpayers will be able to file their taxes electronically.”
IMPORTANT DATES:
To get you going, let us go over key filing dates to make sure you do not miss any deadlines to avoid any unnecessary penalties. Important dates to consider are:
January 14 | Free file officially opens. Taxpayers get to submit their return. IRS will begin transmitting returns on January 24 |
January 18 | 2021 Fourth quarter estimated tax payment due date. |
January 24 | IRS officially begins processing and accepting tax returns. |
April 18 | 2021 Tax return due date to file or request an extension to give you more time. |
April 19 | 2021 Tax return due date to file or request an extension to give you more time for taxpayers in MA or ME. |
October 17 | This is the final due date for all taxpayers that requested an extension on their 2021 tax return. |
WHEN SHOULD I EXPECT MY RETURN:
Now that we have covered important dates, another question that is commonly received is how long will it take for you to get your return? The IRS has announced recently, that they are still dealing with back log of returns from previous year. However, most tax payers should be seeing their returns come in within 21 days but expect some delays. Check for errors, mistakes on your return prior to filing and get any questions answered prior. It is important to be prepared, careful and to file your return correctly from the beginning to avoid any additional delays.
TIPS AND TRICKS FOR FILING RETURN:
There are steps that you can take to make filing of your return easier. Let us go over some simple ones that you can start doing prior to filing your return to avoid any back and forth and to avoid having to stop during the process of your return.
Gather all necessary documentation:
Form W-2 from employers
Forms 1099, 1099-K, 1099-MISC, and 1099-INT for any additional income received that is outside of your regular W-2.
Virtual currency income received.
Form 1095-A for Health insurance coverage in the marketplace.
Review Letters 6419 for advanced Child Tax Credit payments and 6475 to take advantage of the Recovery Rebate Credit if you are eligible.
ITIN (Individual Tax Identification Number):
Your ITIN number was mailed to you directly by the IRS. When you receive this in the mail, make sure to save this somewhere important.
Direct Deposit:
The IRS option for direct deposit, gives you the opportunity to receive your return even faster. When filing electronically, make sure to choose the direct deposit option.
KEEP TRACK OF YOUR RETURN:
The IRS provides tax payers the opportunity to keep track of their return. By providing SSN, filing status and your expected refund amount, you can see for yourself if your return has been processed or if there is any additional information needed by clicking here.
As we have discussed, there are steps you can take to be prepared for your 2022 tax return filing. Keep track of due dates, gather all of your information and check with a professional to avoid any errors and delay in receiving your return.
As always, sending positive vibes your way this tax season 🙏
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