Everything You Need to Know to File Your 2021 Tax Return
Can you believe another year has come and gone since Covid19 turned our world upside down and made our tax returns just that much more complicated? We’re hoping that the changes to your returns haven’t completely bogged you down in kicking off the process for filing your 2021 returns, and we have a few helpful tips and deadlines you can follow to make this tax season go as smoothly for you as possible.
The IRS began accepting federal tax returns on Monday, January 24, 2022.
The IRS is back on track from their delayed start last year and started accepting returns in the latter half of January, as usual. There is some updated programming this year that helps make sure that all eligible people are able to claim the correct amount in Child Tax Credit after looking at the advanced credits they received. You don’t want to leave any money that should be yours behind! We encourage you to file electronically with direct deposit for the quickest access to capital that is rightfully yours.
Taxes are due for most people by April 18, 2022.
It may seem like a ways away, but this date will be here before you know it. And will all of the extra credits you may have received during the pandemic, you may need a bit more time to get all your ducks in a row to ensure you have the information you need to file a complete and accurate return. However, making sure you file with accurate information will avoid any processing delays, and you will be entitled to your refund quickly! We want you to have that money in your pocket, not held up because of inaccurate information.
Note: if you are over the border in either Maine or Massachusetts, you have until April 19, 2022, to file your taxes due to observed holidays.
Suppose you have been entirely off your game, and filing your taxes didn’t make it to the top of your list this year (or perhaps you left it off your list entirely). In that case, you may be eligible for first-time penalty relief. This will likely only be an option for you if you have a rock-solid history of paying your taxes on time.
You can still file an extension!
Simply submit your request to the IRS by April 18 to receive a six-month extension on your 2021 federal income taxes. But remember, even if you’re eligible for an extension to file, you must still pay what you owe by April 18 to avoid a late payment penalty. And if the IRS owes you a refund, you’ll be waiting longer to receive it when you file an extension. If we prepare your taxes, just email the request to Info@ and we will file it for you
You can expect your refund within 21 days of the IRS receiving your return.
But the IRS is lagging behind. So if you want to ensure delivery within this time frame, it’s best to file electronically and choose direct deposit. You can also check the Check My Refund tool for the latest status of your return.
As always, we’re happy to assist with any tax-related concerns. So reach out to us to get your return done right.
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