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Season will be tough: IRS announces start date for 2021 tax returns

This year's tax filing season officially begins on January 24th. This is the first day that the IRS will begin accepting and processing federal tax returns for 2021. Yahoo.

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“Planning the country application process is a huge undertaking, and the teams IRS have been working non-stop for the past several months to get ready, IRS Commissioner Chuck Rettig said in a statement. "The pandemic continues to pose problems, but the IRS reminds people that there are important steps they can take to ensure that their tax returns and refunds do not face delays in processing."

The agency said the January 24 launch date will keep its systems running smoothly. This year, the IRS must ensure that eligible taxpayers receive the correct amount of the child tax deduction.

On the subject: How to Handle Money Properly: 21 Tips from a Harvard Professor

The American Rescue Plan not only increased the amount that taxpayers can receive, but also made the deduction fully refundable, which means that taxpayers receive the full amount of the deduction, even if it exceeds the amount they owe in taxes.

In addition, legislation allows half of the tax deduction to be distributed to children in advance monthly payments, which began in July last year and ended in December. Taxpayers will receive the remaining half after filing their 2021 tax return.

The IRS is also calculating whether any taxpayers should receive a $ 1400 per person pandemic payment, spread out in March and April through the American Rescue Plan. Eligible taxpayers who have not received the payment can claim it on their 2021 federal tax return.

The agency urged taxpayers to submit electronic documents with a direct transfer from their account to the IRS account in order to receive a tax refund as soon as possible. Taxpayers must receive their refunds within 21 days of filing their return electronically if they use direct translation and assuming there are no problems with the return.

By law, the IRS cannot refund taxpayers who are claiming an Earned Income Tax Credit or Child Tax Credit before February 15th.

The Free File agency program will open on January 18 to taxpayers who earned $ 73 or less in 000. The program is offered through commercial tax companies, and the IRS will publish more information this week on where to find Free File providers.

You may be interested in: top New York news, stories of our immigrants, and helpful tips about life in the Big Apple - read it all on ForumDaily New York.

The 2021 tax filing deadline for most taxpayers is Monday, April 18th. Due to Patriots Day in Maine or Massachusetts, these residents must submit their declarations by April 19.

It should be remembered that in 2022 the deadline for the deadline for filing tax returns has been postponed April 15-18, and this change is due to the weekend in the US capital.

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Other In the U.S. tax return IRS the duty service
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