What You Need to Know About Filing Taxes in 2021

What You Need to Know About Filing Taxes in 2021

March 30, 2023 0 By Maria

The 2021 tax season is not that very far. Here are important dates and things you need to know about filing taxes come 2021.

Filing taxes on time comes with a lot of benefits. First, you escape heavy fines from IRS for not filing taxes on time. In addition, you get to receive your tax refund on time if your withheld tax is greater than your tax bill. However, for you to file your taxes on time, you need to prepare the taxes early in advance. For all that to happen, you need to know when IRS starts to accept tax returns. To help you learn more about filing taxes come 2021, here are essential things you need to know.

When does IRS start tax season in 2021?

When can I file my taxes in 2021? This is a common question asked by many people who want to get their taxes ready before the start of tax season. The IRS is most likely to open the tax season for 2020 tax year, come mid-January 2021.  However, a reliable source says that the tax agency can open the 2021 tax filing season on Monday 27th January, 2021. Therefore, those who want to prepare their taxes early in advance they can do so.

Why should you get your taxes ready before the tax filing season?

Tax filing can be a complicated process and when rushed, you can end up making mistakes and even leave out essential deductions and credits you qualify for. As a result, you should prepare your taxes early enough to avoid the last days’ pressure.  Preparing your taxes early gives you enough time to determine deductions and credits you qualify for. This can help you increase your tax refund by claiming all your eligible deductions and credits.

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How to get your tax refund faster?

If you want to get your tax refund as soon as possible, you need to file your taxes early enough. How early can I file my taxes in 2021? As soon as the IRS opens the tax season, you should file your tax returns. The date is expected to be 27th January, 2021, so get ready. When you are among the first tax payers to file taxes, you will also be among the first tax payers to receive the tax refunds.

When is the deadline for filing tax returns in 2021?

According to the IRS, tax filing for 2019 tax year was to close on 15thApril 2020, but was extended to 15th July,2020. However, tax filing deadline for the coming tax season is most likely to be 18th April, 2021. But the deadline can be extended depending on prevailing financial situation.

Final Words

Preparing your taxes for 2020 tax year in advance is a good thing as the tax season is just around the corner. The IRS will start to accept and process tax returns come mid or end January, 2021. Therefore, prepare your taxes in advance, and wait for the tax season to start. Use TurboTax or H&R Block to prepare your taxes as it’s easy, convenient and fast. Also, the online tax filing software will keep your prepared tax returns until IRS opens the tax season in 2021.