Tips for individual taxpayers 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.
- 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.
- Remember, advance stimulus payments received separately are not taxable, and they do not reduce the taxpayer’s refund when they file in 2021.
The Internal Revenue Service (IRS) has announced that the tax season will open on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.
According to the IRS, the tax return deadline remains April 15, 2021.
The IRS anticipates a first week of March refund for many taxpayers if they file electronically with direct deposit and there are no issues with their tax returns. This would be the same experience for taxpayers if the filing season opened in late January. To check the status of your refund, visit the IRS tool, Where’s My Refund.
Questions or need to schedule your tax appointment?
Talk to one of our tax experts by calling (888) 388-1040.
Last updated: 1-21-21 at 4:45 pm.
