The Internal Revenue Service (IRS) has stated that the 2022 tax filing season will begin on Jan. 24, 2022. That’s when the Internal Revenue Service (IRS) will begin taking electronic and paper federal income tax returns for the 2021 tax year. It’s the third coronavirus pandemic tax filing season, and it’s likely to be more complicated than the previous two.
“While the pandemic continues to pose obstacles, the IRS reminds taxpayers that there are steps they can take to help guarantee their tax return and refund are processed as quickly as possible.” “This year, more than ever, filing electronically with direct deposit and avoiding a paper tax return is critical,” said IRS Commissioner Chuck Rettig.”Those who received an Economic Impact Payment or a Child Tax Credit in advance last year should pay special attention; to avoid delays, people should make sure they submit the exact amount on their tax returns.”
Because Apr. 15 is Emancipation Day, the due date for most taxpayers to file and pay is Monday, Apr. 18, 2022, rather than the usual 15th. Due to the Patriots’ Day vacation in those states, taxpayers in Maine and Massachusetts have until Apr. 19, 2022, to file their returns. Tornado victims in Illinois, Tennessee, and Kentucky, as well as wildfire victims in Colorado, will have until May 16 to file and settle their claims. Requests for extensions will be accepted until Monday, Oct. 17, 2022.
What is the quickest way to receive your tax refund? Choose direct deposit if you file electronically.
Some people who aren’t technically needed to file a tax return will have to do so in order to claim the 2021 Economic Impact Payment, sometimes known as a stimulus payment, and/or reconcile advance Child Tax Credit payments, as they were last year.
What steps can you take to get a head start on the filing? Keep an eye out for the standard W-2 and 1099 papers that you’ll need to file. However, most taxpayers should keep an eye out for two new IRS letters, one regarding 2021 advance child tax credit payments and the other about the 2021 stimulus payment.
You must balance the amount the IRS provided you in advance payments last year with the amount you are actually due for the child tax credit. The majority of taxpayers received half of the 2021 child tax credit in monthly payments in 2021 and will receive the remaining half when they complete their tax returns in 2022. The IRS began mailing out Letter 6419 in December to inform taxpayers of the total amount of advance Child Tax Credit payments received in 2021. When you file, you’ll need to refer to that. If you received less than the maximum amount you’re entitled to, you’d get a credit for the difference on your 2021 tax return. You might have to reimburse some or all of the money you got while filing your taxes if you received more than you were entitled to.
The 2021 Economic Impact Payment, often known as the stimulus payment, works in a slightly different way. If you received the full amount of your stimulus payment, you would not have to report it on your 2021 tax return. Individuals who got the third payment and/or plus-up payments in 2021 will begin receiving Letter 6475, Your Third Economic Impact Payment, in late January, according to the IRS. While most people who are eligible for stimulus payments have already received them, this letter will help consumers assess if they are entitled to the Recovery Rebate Credit for missing stimulus payments.
According to the IRS, more than 160 million tax returns are likely to be filed in 2021. Most refunds will arrive within 21 days for those who choose direct deposit. Although you have until Jan. 24 to complete your return, the IRS will not be able to issue a refund for the Earned Income Tax Credit or the Additional Child Tax Credit before mid-February. The IRS Free File program will commence on Jan. 14 for taxpayers who earned $73,000 or less in 2021.
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Also, Read IRS Stimulus Check Update For 2022, Find Out If You Qualify
