As another year comes to a close, it’s time once again to start thinking about taxes. Whether you’re an experienced taxpayer or filing for the first time, it’s important to know when you can do your taxes and what deadlines to expect.
Key Dates & Deadlines
The following are some of the most important dates and deadlines related to taxes:
- January 27: The IRS begins accepting tax returns electronically.
- February 12: The IRS will begin processing paper tax returns.
- April 15: Tax Day! This is the deadline for filing federal income tax returns and paying any tax owed.
Note that due to COVID-19 pandemic, certain taxpayers may be eligible for an extension on filing their taxes. Be sure to check with the relevant authorities in your area for more information.
Tips for Filing Your Taxes
Filing your taxes can seem like a daunting task, but here are some tips that can make the process smoother:
- Gather all relevant documentation: Before doing your taxes, make sure you have all necessary paperwork on hand, including W2 forms from employers and 1099 forms if you received income as an independent contractor or freelancer.
- Know which deductions and credits apply to you: Certain expenses may qualify as deductions or credits on your tax return. Doing research beforehand can help ensure that you take full advantage of these opportunities.
- Consider e-filing: E-filing is becoming increasingly popular due its convenience and speed compared to traditional paper filings. Many software services offer free options.
By being aware of important dates and following expert advice throughout the process, taxpayers can reduce stress while increasing their chances of getting a refund (if applicable) in a timely manner.
Remember – don’t wait until April 14th! Start preparing early so that you have enough time before Tax Day arrives!
Tax season can be stressful, but it doesn’t have to be. By being aware of important dates and deadlines, staying organized, and following expert advice, you can make sure that your taxes are prepared accurately and on time.
Sure, here are three popular FAQs with answers related to tax dates and deadlines:
When is the deadline for filing my taxes?
The deadline for filing federal income taxes is typically April 15th each year. If the 15th falls on a weekend or legal holiday, the deadline is usually extended until the next business day. However, due to COVID-19 pandemic relief measures, the IRS has extended the tax filing deadline for individuals to May 17th in 2021.
When can I start e-filing my taxes?
Taxpayers can typically begin electronically filing their tax returns in late January or early February after they have received all necessary financial documents (such as W-2 forms from employers). The exact date depends on when the Internal Revenue Service (IRS) begins accepting e-filed returns.
What is Tax Day?
“Tax Day” refers to the annual April 15th deadline by which individual taxpayers must file their federal income tax returns and pay any outstanding taxes owed for that year. Sometimes called “filing day,” it marks one of the most important dates on America’s fiscal calendar and affects millions of people all across the country who are required to file an annual tax return with Uncle Sam by this date each year.