Individual Tax Filing Season Begins January 24

The IRS announced that it will begin accepting and processing individual tax returns on Monday, January 24.

April 18 is both the federal and Pennsylvania deadline to file your 2021 income tax returns or a timely filed extension request. (Tax Day is normally April 15, but is extended in 2022 because Washington D.C. will celebrate Emancipation Day on that date.) Taxpayers requesting an extension will have until October 17 to file, but must estimate and pay any tax due by April 18 to avoid a late payment penalty.

To avoid any IRS processing delays, taxpayers are encouraged to have all the information they need to ensure that a complete and accurate return is filed. The IRS is issuing two letters to help taxpayers with gathering this information: Letter 6419, 2021 Advance Child Tax Credit and Letter 6475, Your Third Economic Impact Payment. You may receive one or both letters if you received either of these payments. Taxpayers can also find this information on their own by using the Child Tax Credit Portal or their IRS Online Account.

The 2021 filing season was considered one of the most challenging in recent history. Many taxpayers owed refunds related to their 2020 income tax returns are still waiting for them as we begin calendar year 2022. Perhaps the best thing taxpayers can do to minimize any delays this time around is to file their returns as soon as they have all of the information they need to have a complete and accurate return prepared.

Ready to get your income tax returns started? Schreiber Accounting and Advisory can help with tax preparation and planning services. Contact the firm for more information.

Material discussed is for informational purposes only. It is not to be interpreted as investment, tax, or legal advice. Individual situations vary, and this information should only be relied upon when coordinated with individual professional advice.