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News: The 2021 Tax Season. Consider Filing Electronically - Credit-Land.com

The tax-filing season usually starts in late January, and the deadline to file taxes comes on April 15 or the next business day if that date is a holiday or falls on the weekend. The IRS hasn't announced yet what the start date will be this year, but you can start preparing now.

The pandemic and confusion with stimulus payments overwhelmed the IRS with work, and the tax season ahead may add to the mess no matter how well the agency is prepared.

The IRS encourages people to file taxes electronically and choose direct deposit this year. If you already prepare your return with tax software, you can e-file your return to the IRS. This way of filing is secure, fast, and there are fewer mistakes. Also, the situation with the pandemic will prompt many people to forgo their usual in-person meetings with tax preparers.

This tax season may be messy as there are some changes resulted from the coronavirus. Thus, if you received an Economic Impact Stimulus Payment, you should keep Notice 1444, Your Economic Impact Payment, and Notice 1444-B for the second Economic Impact Payment with your tax records. These notices are especially important if you think your stimulus payment amounts were wrong. You can refer to Notice 1444 or Notice 1444-B to claim the Recovery Rebate Credit on your tax year 2020 federal income tax return.

You can visit the IRS website to read more about what is new and what to consider when filing in 2021.

tags : Money Management Covid Taxes

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