Western UP, Michigan (WLUC) – Whether you’re dreading it or expecting good returns, it’s that time of year again: tax season.
The IRS will begin accepting federal tax returns in less than two weeks. “On January 24, the electronic door to the IRS will open and they will start accepting and processing tax returns,” said gg Gordon, senior tax preparer at H&R Block.
H&R Block in Marquette Township says there are some changes that could affect the way you produce this year. If you received early child tax credit payments in 2021, you will receive a letter 6419 in the mail by the end of January. “We need to have this letter or this specific information to file a tax return for anyone who has obtained an advanced child tax credit,” Gordon said.
Additionally, the IRS plans to send a 6475 letter detailing the amount you received in stimulus payments. Although the IRS does not tax your stimulus money, you are still required to report it. “This money is not taxable, but it must be accurately reported on your tax return in order for your tax return to be processed efficiently,” Gordon said.
If you’re overwhelmed and can’t find the time to file your own tax returns, companies like H&R Block are ready to prepare them for you.
As long as you have all the required forms you should be receiving soon. “Almost all tax forms, information forms, are due by the end of January,” Gordon said. “These are W2s, 1099s, et cetera. “
Once you are done, there may be a wait for this return. “[The] The IRS is understaffed and has huge additional burdens added to [its] workload, ”Gordon said. “[The IRS is] still millions of tax returns overdue on the processing of tax returns filed for the 2020 tax year. “
As such, H&R Block suggests filing online for optimal results. “Electronic filing is your best bet for faster refunds,” Gordon said.
Normally, the tax filing deadline is April 15th. This year it has been moved to April 18 due to Emancipation Day.
Whether on your own or with the help of a professional like those at H&R Block, Gordon wants you to consider filing your income tax returns as early as possible in order to get the best possible returns.
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