Tax season begins Friday, February 12, 2021. That’s when the IRS will start accepting and processing tax returns. If you haven’t prepared your return yet, don’t worry! We’ll show you how to get up to speed.
An important detail to note is that tax season will start slightly later this year. Usually, the IRS begins accepting returns in late January, but the agency determined that they needed more time to adjust their systems to recent tax law changes related to the COVID-19 pandemic.
Keep in mind that despite this change, the deadline to file your personal tax return remains April 15.
The IRS recommends that all taxpayers consider these tips as they prepare their tax return:
- Combining electronic filing with direct deposit ensures that you get your refund as soon as possible.
- Don’t count on receiving your refund by a specific date, especially if you plan to use that money to pay bills.
- Remember that unemployment compensation is taxable
Make Sure to Gather These Documents
This is the right time to get your tax records in order, so make sure to have all the documents that apply among the following:
- Any receipts, canceled checks, and other documents that support an item on your return.
- Form 1099-MISC, Miscellaneous Income
- Form 1099-INT, Interest Income
- Forms W-2, Wage and Tax Statement
- Form 1099-NEC, Nonemployee Compensation
- Form 1099-G, Certain Government Payments; like unemployment compensation or state tax refund
- Form 1095-A, Health Insurance Marketplace Statements
Other Important Tax Dates to Keep in Mind
In addition to February 12, other important dates that taxpayers should keep in mind during 2021 include:
- Thursday, April 15. Due date for filing 2020 tax returns or requesting extension of time to file.
- Thursday, April 15. Due date for paying 2020 tax owed to avoid owing interest and penalties.
- Friday, October 15. Due date to file for those requesting an extension on their 2020 tax returns.
More Tips About Taxes
These are some previous posts with useful tips to help you navigate with confidence the world of taxes:
- How to start preparing your 2020 tax return
- Do you know what is your tax filing status?
- 4 Tax-related scams to avoid
- Expecting a tax refund? Here’s everything you need to know
- Remember this important thing when you get your Economic Impact Payment
Contact the Tax Experts at Delgado’s Insurance
If you are looking for assistance with your 2020 tax return, contact our experts at Delgado’s Insurance. Our mission is to help you make sense of your options to reduce your liability and maximize your deductions while staying compliant with all relevant laws and regulations.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email (email@example.com), or through our social media accounts (Facebook, Twitter) to get a free quote and learn more about our wide array of services.