Thanks to the pandemic and an effort to get stimulus payments quickly, the 2021 tax filing season will start a little late this year. The IRS announced on Friday that it will begin accepting federal tax returns on February 12. Usually the tax filing season starts in the second half of January. If you put it back a few weeks, “following amendments to the Tax Act of December 27 that allowed a second round of payments for economic impact and other benefits,” the IRS may do additional programming and testing on IRS systems. ” However, the IRS notes that individuals working with tax software companies, including IRS Free File partners, can now prepare their tax returns and will be submitted to the IRS starting February 12th. More people than ever before may want to file as soon as they expect a large refund or think they qualify but haven’t received the two stimulus payments made since last spring – first $ 1,200, then $ 600. To receive this money in full, your 2020 income must be less than $ 75,000 per year if you’re single or $ 150,000 if you’re married and filing together. Heads of household earning less than $ 112,500 are also eligible for a full payout. Eligible tax advisors with children under 17 receive even more. Video: Home Office Tax Deduction doesn’t apply to many who work from home during a pandemic. You must claim the Refundable Refundable Balance to ensure secure payment. The credit will be awarded for the amount you are entitled to. Refundable credits reduce your tax liability dollar after dollar. If any credit exceeds your tax liability, the remainder will be sent to you as a refund. “Given the pandemic, this is one of the most important sign-up seasons in the country. The launch date ensures people get the tax refunds they need quickly, making sure they get any remaining stimulus payments they are eligible for as soon as possible,” said IRS Commissioner Chuck Rettig. To avoid penalties for late filing, the deadline for filing your tax return remains April 15th – unless you request an automatic six month filing extension.
Thanks to the pandemic and an effort to get stimulus payments quickly, the 2021 tax filing season will start a little late this year.
The IRS announced on Friday that it would start accepting federal tax returns on February 12. The tax return usually starts in the second half of January.
Postponing a few weeks “gives the IRS time to do additional programming and testing of IRS systems after December 27 changes to the tax law that allowed a second round of payments for economic impact and other benefits,” the agency said.
However, the IRS notes that individuals working with tax software companies, including IRS Free File partners, can now prepare their returns and they will be submitted to the IRS starting February 12th.
More people than ever before may want to claim ASAP if they expect a large refund or think they qualify but haven’t received the two stimulus payments made since last spring – first $ 1,200, then $ 600 .
To receive this money in full, your 2020 income must be less than $ 75,000 per year if you are single or $ 150,000 if you are married and filing together. Heads of household earning less than $ 112,500 are also eligible for a full payout. Eligible tax advisors with children under 17 receive even more.
Video: Home Office Tax Deduction doesn’t apply to many who work from home during a pandemic
To secure payment, you will need to claim the Refundable Recovery Credit. The credit will be awarded for the amount you are entitled to. Refundable credits reduce your tax liability dollar for dollar. If any credit exceeds your tax liability, the remainder will be sent to you as a refund.
“This is one of the most important filing seasons in the country, given the pandemic. [The February 12] The start date will ensure people get their required tax refunds quickly while also making sure they get any remaining stimulus payments they are entitled to as soon as possible, “said IRS Commissioner Chuck Rettig.
To avoid penalties for late filing, the deadline for filing your tax return remains April 15th – unless you request an automatic six month extension.