Tax season can be a stressful time for many people. Yet, understanding when the Internal Revenue Service (IRS) is opening and accepting tax returns can help alleviate some of the stress. In 2021, the IRS is opening for tax season on February 12, 2021. This is the official start date for taxpayers to file their tax returns. This year, the IRS is allowing taxpayers to file their taxes earlier than usual.
Understanding Tax Return Deadlines
When filing taxes, it is important to understand the different deadlines. Taxpayers have until the April 15, 2021 deadline to file their taxes. This is the date that all taxes must be filed and taxes must be postmarked by this date. Individuals who are unable to meet the April 15th tax return deadline can file for an extension, giving them an extra six months to file.
What if I Miss the Tax Return Deadline?
If taxpayers miss the April 15th deadline, they may be subject to penalty fees. The IRS charges a penalty for late tax returns and the amount is a percentage of the total tax owed. The penalty is calculated each month that the taxes remain unpaid and can be up to 25% of the total amount owed. For those who are unable to pay their taxes, the IRS also offers payment plans, allowing taxpayers to pay their taxes on an installment basis.
What is the Fastest Way to Get My Tax Return?
The fastest way to get your tax return is to file electronically. Electronic filing is faster than filing with paper forms and allows taxpayers to receive their refund much faster. The IRS typically processes tax returns within two weeks of filing electronically. The IRS also offers direct deposit, allowing taxpayers to receive their refund directly in their bank account. This is the fastest way to get your refund.
What Other Benefits Does Electronic Filing Offer?
In addition to the speed and convenience, electronic filing also offers other benefits. Taxpayers who file electronically are less likely to make mistakes on their taxes, as the software is designed to double check entries and alert the taxpayer of any errors. Furthermore, electronic filing is more secure than paper filing, as the IRS encrypts all electronic tax returns.
What Documents Do I Need to File My Taxes?
In order to file taxes, taxpayers will need to have certain documents. These documents include W-2 forms from employers, 1099 forms from banks and other financial institutions, and any other forms that report income. Taxpayers will also need to provide their Social Security number, as this is required by the IRS. Finally, taxpayers must provide their bank account information in order to receive their refund.
What Other Resources Are Available?
The IRS offers many resources to help taxpayers understand the tax filing process. This includes helpful videos on the IRS website, as well as a detailed guide to filing taxes. Furthermore, the IRS has a toll-free number that taxpayers can call for assistance. Additionally, there are many tax preparation software programs available, which can help taxpayers file their taxes with ease.
Conclusion
Tax season can be a stressful time for many taxpayers. However, understanding the IRS tax filing deadlines and the various resources available can help alleviate some of the stress. The IRS is opening for tax season on February 12, 2021, and taxpayers have until the April 15th deadline to file their taxes. Filing electronically is the fastest way to receive a refund, as the IRS typically processes these returns within two weeks. Additionally, there are many resources available for taxpayers, including helpful videos and a toll-free number to call for assistance. With the right resources, taxpayers can be prepared and get their taxes done quickly and easily.
