Posted on February 10, 2022 in

Tax Season Has Begun. Here’s How to Get Ready.

The IRS announced that the starting date for when it would accept and process 2021 tax-year returns was Monday, January 24, 2022. This announcement marks the official beginning of tax season. No one likes filing their taxes, but here are some tips that can make filing easier, speed up your refund, and possibly save you some money.

Tips for Making Filing Easier

 

Make sure you have received Form W-2 and other earnings information, such as Form 1099, from employers and payers. The dates for furnishing such information to recipients vary by form, but they are generally not required before February 1, 2022. You may need to allow additional time for mail delivery.

If you received advance payments of the child tax credit, the IRS should send you a letter with information about those payments. You will need this information to file your taxes. Taxpayers who didn’t receive the full 2021 economic impact payment may be able to claim the Recovery Rebate Credit on their 2021 tax return. Most taxpayers will also receive a letter from the IRS detailing their 2021 Economic Impact Payment.

The IRS strongly recommends electronic filing and direct deposit for the fastest, most accurate processing of tax returns, payments, and refunds. Check irs.gov for the latest tax information, including how to reconcile advance payments of the child tax credit or claim a recovery rebate credit for missing stimulus payments.

 

Key Filing Dates

Here are several important dates to keep in mind:

  • January 14. IRS Free File opened. Free File allows you to file your federal income tax return for free if your adjusted gross income (AGI) is $73,000 or less.
  • January 24. IRS began accepting and processing individual tax returns.
  • April 18. Deadline for filing 2021 tax returns (or requesting an extension) for most taxpayers.
  • April 19. Deadline for filing 2021 tax returns (or requesting an extension) for taxpayers who live in Maine or Massachusetts.
  • October 17. Deadline to file for those who requested an extension on their 2021 tax returns.

The IRS encourages taxpayers seeking a tax refund to file their tax returns as soon as possible. The IRS anticipates most tax refunds being issued within 21 days of the IRS receiving a tax return if the return is filed electronically, any tax refund is delivered through direct deposit, and there are no issues with the tax return. To avoid delays in processing, the IRS encourages people to avoid paper tax returns whenever possible.

Matthew A Treskovich | CFA, CPA/PFS, CITP, CMA, CFP®, AEP®, MBA, CLU, ChFC
Chief Investment Officer