It may lack the pomp and circumstance of the Opening Day of baseball season, but paying taxes is as American as our national pastime itself. And everyone needs their own game plan to navigate this year’s tax season, which the Internal Revenue Service recently announced would begin on February 12, 2021.
That’s the date where the agency will begin accepting and processing tax returns for 2020, building in some extra time to incorporate important programming work to support the various tax benefits and economic programs from the recent stimulus package signed into law last December.
As your tax season gets under way, trust these helpful tips to speed up your filing and limit the number of headaches as you work on your taxes.
- Go digital. For the fastest way to access a possible refund, file your taxes electronically and rely on direct deposit.
- Put down the phone. There’s no reason to sit on hold or get passed back and forth between agents when you can simply go to www.IRS.gov to get the latest tax updates, including the Economic Impact Payments (EIP).
- Double-check your eligibility. If you’re eligible for stimulus payments, be sure to carefully review the guidelines for the Recovery Rebate Credit. Most people received their EIP automatically, and those who got the maximum amount don’t need to include any information about their payments when they file. However, those who didn’t receive a payment or only received a partial payment may be eligible to claim when they file their 2020 tax return.
According to the IRS, the average tax refund last year was more than $2,500, so don’t swing and miss out on your chance to see if you’re eligible for a refund. At PADGETT BUSINESS SERVICES®, our trusted network of CPAs, Enrolled Agents and tax professionals can provide the counsel and guidance you need when it comes to filing your taxes. Reach out to an office near you today to set up an appointment.