Haven’t Started Filing Your Tax Returns? Here Are 7 Things You Should Know!

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Tax season 2022 is now happening! The Internal Revenue Service has started accepting and processing 2021 tax returns from January 24th of 2022. And if you haven’t started filing or preparing for it, here are seven things you should know!

#1. What is a Tax Return?

A tax return is a document filed with a tax authority that reports income, expenses, and other financial information. On tax returns, the taxpayers schedule tax payments, calculate tax liability, or request tax refunds for the overpayment of taxes.


#2. How I Should Apply For Tax Returns or Tax Refunds?

If you are new to tax payments and or unsure about how to check the tax refunds available in your name,  you can simply visit unclaimedtaxrefunds.com to get the information you need! Here, you can find a free information guide on how to find your unclaimed tax refunds. Click here to get started!

Also, we recommend you to visit IRS.gov to know more information!

#3. What are The Key Issues You Should Be Aware of In order To File Tax Returns?

This tax season, you must know that there will be a difference in how unemployment benefits will be treated compared with the 2020 returns. Also, you need to account for the return of the Recovery Rebate Credit, advance Child Tax Credit Payments, and charitable contributions amongst other things.

#4. When Is The Tax Filing Deadline?

The deadline to file 2021 tax returns for most people, is three days later than the normal April 15th deadline i.e., April 18, 2022. The extension is due to the Emancipation holiday in the District of Columbia. Taxpayers who live in Maine or Massachusetts have until April 19, as a result of  Patriot’s Day. The IRS has also extended the deadline for victims of the Colorado wildfires- until May 16th, 2022.

#5. What Is The Fastest Way To Get a Tax Refund?

The IRS says refunds can be directly deposited into accounts, mobile apps, or prepaid debit cards as long as an account number and routing are provided. So you can electronically file your returns and get them deposited directly.

#6. When Can You Expect Tax Refund in 2022?

According to IRS, you can expect your tax refunds within 21 days when you filed electronically and chose direct deposit. Also, you shouldn’t have any problems with the returns.

#7. What Is The Deadline For Filing a Tax Extension?

April 18, 2022, is the deadline for requesting a tax extension, which gives you until October 17 to file your returns for 2021.

 

Source: https://www.usatoday.com/story/money/personalfinance/2022/01/24/irs-tax-season-2022-start-date/6607276001/

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