Key filing season dates

There are several important dates taxpayers should keep in mind for this year’s filing season:

  • Feb.12. IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins.
  • Feb. 22. Projected date for the IRS.gov Where’s My Refund tool being updated for those claiming EITC and ACTC, also referred to as a PATH Act returns.
  • First week of March. Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit and there are no issues with their returns.
  • April 15. Deadline for filing 2020 tax returns.
  • 15. Deadline to file for those requesting an extension on their 2020 tax returns.

New things taxpayers should consider as you get ready to file taxes in 2021

New things taxpayers should consider as you get ready to file taxes in 2021

Here are some new key things people should consider when filing their 2020 tax return:
1. Recovery rebate credit: If you did not receive Economic Impact Payment in 2020

2. Single and received less than $1200

3. Married, filing jointly for 2018 or 2019 and their payment was less than $2400

4. They did not receive $500 for each qualifying child

Refund interest payment: People who received a federal tax refund in 2020 may have been paid interest. Most interest payments were received separately from tax refunds. Interest payments are taxable. In January 2021, the IRS will send a form 1099-INT, Interest Income to anyone who received at least $10 interest.
New charitable deduction allowance: New this year taxpayers who don’t itemize deductions can take a charitable deduction of up to $300 for cash contributions made to a qualifying organization.
Other refund-related reminders- Taxpayer’s should not rely on receiving a refund by a certain date. Some tax returns may require additional review and processing may take longer.
Refunds for taxpayers claiming the earned income tax credit or additional child tax credit can’t be issued before mid-February. This applies to the entire refund, not just the portion associated with the credit.

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