The 2022 tax filing season is quickly approaching. As IRS Commissioner Chuck Rettig notes, “Planning for the nation’s filing season process is a massive undertaking,” primarily due to the pandemic continuing to create challenges. Therefore, the IRS urges taxpayers to file their returns electronically and as early as possible to avoid delays.
Here’s a look at important tax information and tips you need to know.
2022 Tax Filing Season
The 2022 tax filing season will begin on January 24, 17 days earlier than last year, the Internal Revenue Service announced. This will give the IRS time to “perform programming and testing that is critical to ensuring IRS systems run smoothly.” Unfortunately, the upcoming filing season could be frustrating for taxpayers, as the IRS currently has a backlog of unprocessed returns for 2021 due to the pandemic and budget cuts.
Tax Filing Deadline
For most taxpayers, the tax filing deadline is Monday, April 18th, 2022 instead of April 15th due to the Emancipation Day holiday in the District of Columbia. Holidays in Washington, D.C. impact tax deadlines for the entire country the same way federal holidays do. Taxpayers in Maine and Massachusetts have until April 19th, 2022 to file their returns due to the Patriots’ Day holiday. Taxpayers requesting an extension will have until Monday, October 17th, 2022, to file.
COVID-19 Relief Economic Impact Payment
If you received a COVID-19 relief Economic Impact Payment last year, you’ll need to make sure to report the correct amount on your tax returns to avoid processing delays. The stimulus money will factor into taxes this year. The IRS is mailing special notification letters to American Rescue Plan Economic Impact Payments recipients.
Advance Child Tax Credit payment
Eligible taxpayers who received advance Child Tax Credit payments should file a 2021 tax return to receive the second half of the credit. Eligible taxpayers who did not receive advance Child Tax Credit payments can claim the full credit by filing a tax return. Similar to the stimulus payments, the IRS will mail a letter to Advance Child Credit Payments recipients.
Avoid Processing Delays
The IRS urges taxpayers to avoid processing delays and speed up refunds by following these steps:
- Gather your 2021 tax documents, including W-2s, 1099s, tax deductions, tax forms with other types of income, and receipts. You’ll also need social security numbers for you, your spouse, and your dependents.
- Review IRS.gov for the latest tax information, including the latest on how to reconcile advance payments of the Child Tax Credit or claim a Recovery Rebate Credit for missing stimulus payments.
- Report correct amounts for any Economic Impact Payments or advance Child Tax Credits received in 2021.
- File electronically and request direct deposit.
Get Started Now. Contact Our Office For Services.
If you need tax preparation services, it’s never too early to plan ahead for the tax-filing season, especially with COVID affecting our financial year and modifying some tax laws. 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.
