Four key dates this tax season to remember
Tax filing season officially begins on January 24th. This day is one of four key tax dates announced by the IRS on January 10. MoneyTalksNews
On January 24, the IRS will begin accepting and processing tax returns for 2021. So, if you're an early bird, you can file your return in about two weeks.
Those planning to apply as soon as possible will be happy to know that the IRS Free File Program will open for business on January 14th. Free File allows you to file your taxes electronically for free to taxpayers who earned a maximum of $2021 in 73. Commercial tax filing software companies provide the software used with the service.
If you are a procrastinator, you will have a little more time this year. Deadline - April 18which is three days later than usual. This is also the deadline for requesting an extension of your tax return deadline.
The IRS explained that this year the deadline was moved to April 18 because, by law, holidays in Washington, D.C., must affect tax due dates for everyone in the same way that federal holidays do. Since Friday, April 15th is Liberation Day in the District of Columbia, Tax Day is moved to Monday, April 18th.
If you live in Massachusetts or Maine, you actually have one extra day - April 19 - before filing. This is due to the fact that Patriots Day in these states falls on April 18th.
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If you request an extension, you will have until October 17 to file your tax return. Renewal requests are automatically granted if you file Form 4868. However, remember that you can get a file extension, but you actually have to pay all taxes by April 18 or (if you live in Massachusetts or Maine) by April 19.
Don't be surprised if you receive a letter from the IRS in the coming weeks
You are not in trouble, informs MakeIt.
The agency is simply sending out information about the third pandemic payments that were made in 2021. It is planned that the letters will begin to be sent by mail at the end of January.
When you receive a letter, do not immediately throw it away.
"These letters may help taxpayers or their tax professionals prepare their 2021 federal tax returns," the IRS said in a statement.
The letter, titled Letter 6475, Your Third Economic Impact Payment, will tell you how much you received in payments in 2021, including so-called incremental payments.
You may use it to find out if you qualify for the 2021 Recovery Rebate Credit. This payment will make up the difference between the third pandemic payment you were entitled to and the amount you actually received.
Pandemic payments are tax deductible, but they still need to be reported on 2021 tax returns due this spring.
Pandemic payments for 2021 have been sent to eligible recipients since March last year. The amount was up to $1400 per taxpayer and each of his dependents. Potential recipients are entitled to claim much more money if they have never received such payments at all or when their circumstances have changed. For example, if you have another child born in 2021, he will be entitled to his own payment.
In addition, many families have received or will receive another Child Tax Credit (CTC) letter in 2021. Labeled "Letter 6419," it will contain important information about CTC payments, such as how much your family received in advance.
“Families who receive advance payments should compare such payments they received in 2021 with the amount of the child tax credit that they can correctly report on their 2021 tax return,” the agency said.
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For this purpose, you can use the update portal CTC IRS on IRS.gov, to find the same information about their payments.
Remember: those who did not receive advance payments at all or did not receive the due amount may demand money according to their declarations this year.
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