As the end of the year approaches, many taxpayers are starting to think about filing their taxes. In this article, we’ll cover some key dates, deadlines and important information you need to know in order to file your taxes on time.
Key Dates for Taxpayers
Here are some key dates and deadlines that you should keep in mind when planning to file your taxes:
- January 27th: The IRS officially begins accepting tax returns electronically.
- February 12th: This is when the IRS will begin processing paper tax returns.
- April 15th: This is the deadline for most taxpayers to file their federal income tax return.
- October 15th: If you requested an extension back in April, this is usually the deadline for filers who received an automatic six-month extension from the original deadline.
It’s worth noting that due dates may vary by state or other circumstances such as disaster-related postponements. So be sure to check with your local or state revenue agency if there are any shifts
If you can’t get all of your paperwork together by April 15th, it’s possible to request a six-month extension. However, it’s crucial not confuse the filing extension with a payment extension – those aren’t automatic and must be granted after review
What Documents Do You Need?
Before filing your taxes, make sure you have all of the necessary documents including W2s ,1099s if applicable (such as for freelancers), interest statements from banks etc; proof of health insurance coverage (to avoid penalties under ACA rules); records from charitable donations made over $250; mortgage Interest paid records if itemizing deductions ; tax credits claimed forms .
How Can You File Your Taxes?
There are several ways that taxpayers can choose how they want to file their taxes:
Online Filing Services
Using online services like TurboTax, H&R Block or TaxAct is usually quick and easy. You will be guided through the process step-by-step, can import your W-2 information automatically, and receive expert support along the way.
For those who prefer to file their taxes on paper, you can download tax forms from IRS.gov or request them by mail. You’ll need to fill out these forms manually and send them via postal mail.
How Can You Maximize Your Tax Refund?
It’s important for taxpayers to understand that there are certain things they can do throughout the year in order to maximize their tax refund when it’s time to file:
- Contribute more into retirement accounts so that you save money by decreasing income subject taxation.
- Keep track of all eligible expenses during the year (such as business expenses) in order deduct what is applicable
- Make sure you’re properly withholding enough from each paycheck so that you don’t underpay too much.
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Filing your taxes requires careful planning and keeping deadlines in mind but if done correctly taking full advantage of credits and deductions could get taxpayers a larger refund at payout time . By following key dates,determining necessary documents beforehand,maximizing credits where possible etc along with selecting the right software to assist, filing taxes can be less of an intimidating process.
When is the first day to file taxes in 2021?
Answer: The IRS has announced that it will begin accepting and processing tax returns for the 2020 tax year on February 12, 2021. This date was delayed from January 29 to allow the IRS more time to prepare following recent changes to tax laws.
Can I still file my taxes before February 12th?
Answer: Yes, you can still prepare and submit your tax return before February 12th. However, it will not be processed by the IRS until they begin accepting returns on that date.
Is there a deadline extension for filing taxes this year due to COVID-19?
Answer: At this point, the IRS has not announced any deadline extensions for filing taxes due to COVID-19 for individuals or businesses operating as sole proprietorship or LLCs taxed as sole proprietorships. The usual deadline of April 15th still applies; however, taxpayers who need more time may request an automatic extension until October 15th by submitting Form 4868 before April 15th.