The Tax Filing Season Has Begun
After a bit of a delay, the Internal Revenue Service has opened the 2021 tax filing season as of today (February 12th.) A good thing or a bad thing?
Well, I guess it depends on whether you will be getting a refund or you will have to pay Uncle Sam and/or the state you live in. Fortunately for me, the past few years, I have received a refund. It's usually a small refund but certainly better than having to owe, which I have had to do in the past.
The IRS website lists tips and key filing season dates to help make it easier and faster to file your taxes for the tax year 2020. Since 2020 was such a bad year for most of us, can't we just take a loss on the whole thing and get a nice refund? Oh yea, it doesn't work that way.
Some tips the IRS has to help you get a quick refund, include filing electronically. I have been doing that through my tax preparer for years, and I've received my refund back so much quicker than filing via mail.
Also, the IRS recommends that if you are eligible for stimulus payments, be sure to review the guidelines for the Recovery Rebate Credit. I have a relative who did not get the second stimulus payment, and will be taking the proper steps when filing the tax forms to make sure that the payment will get added to any refund or deducted from any deficit.
And this year (2021), the 2020 tax returns filing deadline will be back to normal - April 15th. And if you get a nice refund, as I was told a long time ago, "Don't spend t all in one place." Although, I never really knew what that meant.