The Internal Revenue Service recently announced that the nation’s 2020 tax season will begin on February 12, 2021.
Typically, the IRS opens tax season in late January. However, the agency will need more time to prepare after the Covid relief act in late December. Pushing it back a few weeks “allows the IRS time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits,” the agency said.
“If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers,” the IRS said in its announcement. “These changes ensure that eligible people will receive any remaining stimulus money as a recovery rebate credit when they file their return.”
Tips to Make Your Tax Filing Easier
The new Tax filing season is quickly approaching, so it’s a good idea to start preparing so you get your full refund. Here’s a look at important tax information and tips you need to know.
- Check IRS.gov for the latest tax information, including the latest on Economic Impact Payments.
- If you’re eligible for stimulus payments, we recommend reviewing the guidelines for the Recovery Rebate Credit. This rebate is authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the COVID-related Tax Relief Act. It’s a tax credit against your 2020 income tax. Any individual who didn’t receive the entire amounts of both Economic Impact Payments should claim the Recovery Rebate Credit on Form 1040 for their 2020 tax filing.
- To file your taxes, you’ll need to collect all your tax documents, including W-2s, 1099s, tax deductions, tax forms with other types of income and receipts.
- After tax changes and the COVID-19 pandemic, the 2021 tax filing season may be more confusing than most, so that’s why it may be more important than ever to contact a tax professional you trust. If you attempt to file your taxes and are left scratching your head, our tax professionals can help you navigate your options.
Important Tax Filing Dates
Below are several important dates taxpayers should know for this year’s filing season:
January 31
This is the deadline for businesses to mail out W-2 forms to employees and 1099s to contractors.
February 12
IRS begins the official 2021 tax season. Individual tax returns will be accepted and processed.
April 15
Like most years, April 15th is the deadline for filing your 2020 tax returns.
October 15
October 15th is the deadline to file for tax payers who requested an extension on their 2020 tax returns.
Schedule a Tax Filing Consultation With US Tax Shield
If you attempt to file your taxes and are left scratching your head, our tax professionals can help you navigate your options and find you resolution. We proudly saved, on average, 94% of our clients’ tax debt during the course of 2020, which is our most savings in over 20 years!
Contact US Tax Shield today for your free no-obligation consultation. US Tax Shield saves you the complexity of filing returns and does it all for you. Maximize your chances of getting a refund, and give our tax experts a call at 800-421-2721.
