US Tax Season Has Started From January 24

It’s finally tax season. You can start filing your federal tax returns for the year 2021 with the IRS as early as today. Experts predict that, as last year, issues and delays will lengthen the time it takes to receive your tax refund, reports Wall Street Journal.

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To avoid a delayed refund, the IRS advises filing your return early, online, and opting for a direct deposit of your refund into your bank account. Before you file, double-check for any irregularities that could cause delays, especially if you received advance Child Tax Credit installments or the third stimulus check last Spring.

As tax season gets underway, here are a few things to keep in mind, as well as expert advice to help you prepare to file your return.

Take some time to check your paperwork and get a feel of how much you’ve already paid before filing your tax return, advises Garrett Watson, a veteran policy analyst with the Tax Foundation, an unbiased tax policy group. This can help you figure out how much money you owe the IRS or how much money you’ll get back in a refund. Knowing how much you’ve previously paid in taxes will help you handle any possible issues straight away.

Before filing, make sure you have all of the relevant documentation on hand. Employers have until January 31 to furnish Form W-2 salary statements, so if you’re still waiting, you might not be eligible to process them today.

It’s finally tax season. You can start filing your federal tax returns for the year 2021 with the IRS as early as today. Experts predict that, as last year, issues and delays will lengthen the time it takes to receive your tax refund.

To avoid a delayed refund, the IRS advises filing your return early, online, and opting for a direct deposit of your refund into your bank account. Before you file, double-check for any irregularities that could cause delays, especially if you received advance Child Tax Credit installments or the third stimulus check last Spring.

As tax season gets underway, here are a few things to keep in mind, as well as expert advice to help you prepare to file your return.

If you hire a tax expert to prepare your return, make sure you ask for it to be e-filed. For the IRS to transfer your return quickly, you’ll need to input your account and processing numbers.

Double-checking Work

Remember to double-check your work for any mistakes. If you make a miscalculation, have errors, or detect malicious uses, your electronic return may be taken from the system and manually evaluated, requiring you to give a correction – a procedure that can cause refunds to be delayed.

If you have a problem, rather than phoning the IRS, go to their website. Like last year, Holtzblatt predicts a spike in call volume, which means your possibility of winning live help may be minimal.

After filing your tax return, you can track the progress of your refund using the IRS’ Where’s My Refund service, which is available 24 hours after filing digitally or four weeks after submitting your return.

Reconciling Payments

Calculation errors, a frequent tax time problem that Watson predicts will be even more prevalent this year, will be a major source of this year’s tax delays. The majority of these errors, he believes, will be caused by the advance Child Tax Credit payments and third stimulus installments that millions of Americans will receive in 2021.