global Tax 2022 Filing Season Begins January 24th, IRS Confirms January 12, 2022 The IRS will begin accepting tax returns on January 24th…are you prepared? The IRS has confirmed it will begin accepting 2021 tax returns on January 24th. Here’s what you need to know for this upcoming tax season. 2022 tax season The deadline to file 2021 tax returns and pay tax owed is Monday, April 18, 2022. The IRS expects more than 150 million individual tax returns to be filed. If you cannot file your return by April 18th, you may apply for an extension to file until October 15th, but this is not an extension of time to pay your tax. Taxes owed are still due by April 18th. The January 24th start date will allow the IRS proper time to conduct additional programming and testing to ensure that the systems will run smoothly throughout filing season. Additionally, this will allow sufficient time for taxpayers to claim the remainder of their advanced child tax credits and remaining stimulus funds. Are there any benefits to filing right when tax season officially begins? There are a few benefits to preparing your returns earlier rather than later—namely blocking identity theft more successfully by filing before a fraudster can. The other advantage is that refunds tend to be issued more quickly before the volume picks up later in March and April. Returns cannot be filed until January 24th, however if you made $73,000 or less in 2021, you can access IRS Free file and complete your return beginning January 14th and file as soon as e-filing starts. E-filing vs. paper filing Furthermore, the IRS is encouraging taxpayers to file electronically with the direct deposit option. Paper returns are subject to longer processing times, even more so in light of the ongoing COVID-19 pandemic. What’s new this filing season? If you are a recipient of advanced child tax credit payments, you will receive Letter 6419 from the IRS (if you have not already), which reports your total advance payments for 2021. Taxpayers who received the third economic impact payment for 2021 will receive Letter 6475, which will determine whether they are eligible for a recovery rebate credit (for missing stimulus payments). To expedite refunds and prevent delays, here are some key reminders: Visit IRS.gov/account to access your personal tax account informationMake estimated payments by January 18, 2022Select your preferred direct deposit method (bank account, prepared debit card or through the mobile app) Questions? Contact us, we can help.
