The Internal Revenue Service announced that the Nation’s tax season will start on January 24th, 2022. The Tax agencies will begin accepting and processing the 2021 tax returns after this date. The IRS encourages the citizens to have all the information they require in hand, to complete and return the tax Forms accurately. Accuracy of the tax form helps in reducing processing delays, and delays in refunds as well.
The due date for filing 2021 tax returns:
Getting the tax returns on time and within the deadline, is mandatory to prevent unwanted penalties from the IRS. For people who are entitled to get tax refunds, filing early can put a lot of money in their pockets faster. Though you are ready to file the tax returns right at the start of the year, you still have to wait for the right documents to be sent by the vendors and the employers, before starting the tax filing process. But the Internal Revenue Service will not start accepting the returns until late January.
The due date for filing 2021 tax returns is April 18th, 2022. The tax day is typically the 15th of April of each year. But this year, the taxpayers get additional three days, as April 15th is a Good Friday, followed by a weekend. You can also choose to electronically file your tax returns earlier. The IRS will begin accepting the electronic returns of the tax Forms between January 15th and February 1st, 2022.
How long does it take for the tax returns?
It can take less than 30 minutes to prepare the tax returns for the tax year 2021. The IRS will process most of the tax returns in less than 21 calendar days. Citizens who have filed an Earned Income Tax Credit or Additional Child Tax Credit will take longer to process the tax refunds. Choosing the method of tax filing will also depend on quickly the return process is accomplished by the IRS. Processing a tax return will delay, under the following circumstances
- There are errors in the tax Form
- The tax return Form is incomplete
- The Tax Form requires further review for tax credits and tax deductions
- Claims on EITC and ACTC
- The Tax return includes Form 8379, about injured spouse allocation.
Information required to file IRS taxes:
To file the tax returns without any mistakes you have to gather all the right information and the documents with you. It is better to prepare a checklist before sitting down to prepare the tax return. This helps in speeding up the filing process and also reduces the chances of errors. It also prevents delays in getting tax refunds.
You will require personal information including your legal name, date of birth, SSN of you, and your spouse. Ensure to have all advanced child tax credit payment information and gather all details about economic impact payment. Gather complete information about your dependents. Gather all information about income sources.
The due date to file 2021 tax returns is April 18th, 2022. The taxpayers will face serious penalties if they file their taxes late. If the tax is filed late, they will incur penalties and interests. The best option to avoid late filing penalties is e-filing the tax Form through Tax2efile.