https://www.hscompanies.com/wp-content/uploads/2021/01/IRS-Tax-Update-Feature-Image_011821-2.jpg 1050 1425 Stephanie Hendon https://www.hscompanies.com/wp-content/uploads/2017/11/HS-logo-edit.png Stephanie Hendon2021-01-18 13:50:462021-01-18 13:50:46Tax Filing Season Begins February 12th!
Tax Filing Season Begins February 12th!
The IRS has announced that the 2021 tax filing season will begin on Friday, February 12th. Expecting a refund? Click here to read more on how the IRS plans to speed up the refund process amid the pandemic. Make sure to check out their tips for taxpayers below on how to make filing easier:
To speed refunds and help with their tax filing, the IRS urges people to follow these simple steps:
- File electronically and use direct deposit for the quickest refunds.
- Check IRS.gov for the latest tax information, including the latest on Economic Impact Payments. There is no need to call.
- For those who may be eligible for stimulus payments, they should carefully review the guidelines for the Recovery Rebate Credit. Most people received Economic Impact Payments automatically, and anyone who received the maximum amount does not need to include any information about their payments when they file. However, those who didn’t receive a payment or only received a partial payment may be eligible to claim the Recovery Rebate Credit when they file their 2020 tax return. Tax preparation software, including IRS Free File, will help taxpayers figure the amount.
- Remember, advance stimulus payments received separately are not taxable, and they do not reduce the taxpayer’s refund when they file in 2021.