How Can I Make Sure I Get My Refund As Fast As Possible
Each tax filing is as unique as the individual it represents. To help expedite the tax refund process, consider one or more of the following tips:
- Visit us at any H& R Block office to ensure your return is ready to file when e-file opens.
- Consider e-filing versus traditional paper filing.
- Complete a tax return that is free of any errors or miscalculations. This means carefully reviewing personal information such as your name, social security number, home address and bank information, if applicable.
Tax Filing Season Begins Jan 24 Irs Outlines Refund Timing And What To Expect In Advance Of April 18 Tax Deadline
IR-2022-08, January 10, 2022
WASHINGTON The Internal Revenue Service announced that the nation’s tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.
The January 24 start date for individual tax return filers allows the IRS time to perform programming and testing that is critical to ensuring IRS systems run smoothly. Updated programming helps ensure that eligible people can claim the proper amount of the Child Tax Credit after comparing their 2021 advance credits and claim any remaining stimulus money as a Recovery Rebate Credit when they file their 2021 tax return.
“Planning for the nation’s filing season process is a massive undertaking, and IRS teams have been working non-stop these past several months to prepare,” said IRS Commissioner Chuck Rettig. “The pandemic continues to create challenges, but the IRS reminds people there are important steps they can take to help ensure their tax return and refund don’t face processing delays. Filing electronically with direct deposit and avoiding a paper tax return is more important than ever this year. And we urge extra attention to those who received an Economic Impact Payment or an advance Child Tax Credit last year. People should make sure they report the correct amount on their tax return to avoid delays.”
Do I Have To File By April 18
Ideally, yes. But if that proves difficult or youre just not in the mood drop what youre doing this minute and file for an automatic six-month extension by using Form 4868.
Of course, there are some taxpayers whose filing deadline is later than April 18. They include residents of Maine and Massachusetts, whose official filing date is April 19. And the deadline is a month or more later for people living in federally declared disaster areas, as well as US taxpayers living outside of the United States on April 18.
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When Does Netfile Open For 2021
NETFILE opens on Monday, February 22, 2021, for filing personal tax returns for the 2020 tax year. To file online, you must use CRA-certified tax-filing software products that use the NETFILE web service. You can also file previous tax years back to 2015, but returns for tax years earlier than 2014 must be done on paper.
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What If I Owe The Irs
If you didn’t know you had to pay the IRS by April 18, you will likely face a “failure to pay” penalty. The same will occur if you paid the IRS in April but didn’t estimate correctly and still owe more.
The IRS says the penalty for these situations is 0.5% of the unpaid taxes for each month or part of a month the tax remains unpaid. The penalty is capped at 25% of your unpaid taxes.
Take a taxpayer who failed to pay $1,000 in taxes that they owed by the April 18 deadline. In this case, the taxpayer will face $30 in penalties for the non-payment $5, or 0.5% of the $1,000, per month during the six months between April 18 and the October 17 extended filing deadline.
But the IRS also charges interest on penalties and the tax agency just raised that rate to 6% on October 1 from 5% previously.
Your Unique Taxpayer Reference
Before you start to fill in your Self Assessment return, you will need your ten-digit unique taxpayer reference .
This allows HMRC to identify you on their systems.
This will be contained on any Self Assessment statements you have received.
If you have your National Insurance number to hand this will help HMRC identify your UTR. You can also find it on your Personal Tax Account or the HMRC app.
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Don’t Be Surprised By Delays
While every tax season is busy for the IRS, pandemic-induced backlogs from the past two years coupled with limited funding will make the current tax season even more so.
Treasury officials said in a briefing call Monday that at the start of a normal tax season, the IRS might have 1 million returns backlogged, but the number this year is “several times more.”
Last week, IRS Commissioner Charles Rettig noted that return processing and tax assistance delays arose as the agency was administering several COVID-19 relief efforts passed by Congress. Those included issuing three rounds of Economic Impact Payments, creating a system to send out advance monthly payments of the Child Tax Credit and making changes to the Earned Income Tax Credit.
“Despite valiant efforts by our employees handling a large portfolio and new responsibilities, we still are working through tax returns filed in 2021 and we are unable to answer an unprecedented number of telephone calls. Simply put, in many areas we are unable to deliver the amount of service and enforcement that our taxpayers and tax system deserves and needs,” Rettig said.
One example: Last year, the agency was unable to answer more than two-thirds of the calls it received. That’s why tax filers are encouraged to first use the online tools provided on IRS.gov to get answers to their questions before reaching out to the agency directly.
What If I Don’t File By October 17
People who fail to file their return by the extended tax deadline will face harsher penalties. The IRS charges 5% of the unpaid taxes for each month that a tax return is late or 10 times more than the underpayment penalty. It caps the penalty at 25% of your unpaid taxes. The tax agency also charges interest on the penalty.
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If You Owe Pay As Much As You Can To Reduce Penalties
Although thereâs no penalty for submitting your taxes late when youâre expecting a refund, the IRS may assess penalties if you owe taxes.
Even if you miss the tax deadline, you should pay as much as possible as soon as you can. Taking this step can reduce any interest or penalties on your tax account, such as the Failure to File or Failure to Pay Penalty.
If you file your tax return late, the IRS may assess the Failure to File Penalty for failing to pay unpaid tax due on the original due date . Unpaid tax is the tax required to be reported on your return less any withholding, estimated tax payments, and refundable credits.
The IRS calculates the Failure to File Penalty as 5% of the unpaid taxes for each month that the tax return is late. However, the penalty wonât exceed 25% of your unpaid taxes.
You may also be assessed a Failure to Pay Penalty if you fail to pay taxes you report on your return by the original due date or an approved extended deadline, such as a federally declared disaster. Taxes that remain unpaid for a month will be assessed a Failure to Pay Penalty of 0.5% per month.
In months where both the Failure to File and Failure to Pay penalties apply, the Failure to File penalty will be reduced by 0.5% . So instead of a 5% Failure to File Penalty for the month, youâll be charged a 4.5%.
To get a better understanding of how penalties may affect your account, speak to a tax professional to determine which penalties may apply to your tax situation.
Why You Havent Received The Full Amount Of Your Child Tax Credit
You need to file your 2021 tax return to get all of the Child Tax Credit for which you are eligible.
Filing a tax return is how you can tell the government about your family and the number of qualifying children you are claiming. The IRS used the information from your 2019 or 2020 tax return to estimate your eligibility for monthly Child Tax Credit payments in 2021 and send payments equal to half of the amount of Child Tax Credit that the IRS estimated you would be able to properly claim on your 2021 tax return.
Any remaining Child Tax Credit benefits will be paid when eligible parents and guardians file their tax returns for 2021 and claim the Child Tax Credit.
To get free assistance filing for the Child Tax Credit, go here.
If you had any life events such as an income change or the birth of a child during 2021, this may have an impact on the remaining amount of Child Tax Credit that you can properly claim.
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What Do You Need When You File Your Taxes
Before you begin filing your taxes, gather all of the documentation youll need to successfully complete your filing. Information you need in order to file your taxes include:
- A copy of your previous tax return
- Social Security numbers or Individual Taxpayer Identification Numbers for you, your spouse, and any dependents
- Documentation and receipts for your income, including:
- Social Security benefits
“Not sure what documents you need to bring? A tax pro can help you determine which forms apply to you. Rest assured that many forms will be sent to you automatically by January 31 of the tax filing season. For example, employers are required to send W-2 forms by January 31.
How And When To Pay Your Bill
You dont need to pay your Self Assessment tax bill immediately.
The deadline for paying any tax you owe in addition to tax you may have paid through your 2021 to 2022 Payments on Account and your first 2022 to 2023 Payment on Account is 31 January 2023.
If you file your tax return early, you will know how much you owe and can then choose a payment option that works for you.
You can now make Self Assessment payments quickly and securely through the HMRC app. You can also check if a repayment is due by checking your personal tax account.
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What If I Need More Time
Don’t let a looming tax deadline force you to rush through the tax filing process and make a mistake on your return. Simply request an extension.
The IRS grants an automatic six-month extension of the tax filing deadline to anyone who requests it. You can request an extension electronically with TurboTax or use Form 4868.
Just keep in mind, the tax extension gives you more time to file your return, not more time to pay the tax you owe. You’ll need to estimate the amount you owe and make your payment by the tax filing deadline.
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De plus, les sites Web sont généralement mieux adaptés aux entreprises, car elles peuvent y présenter leurs produits et services de manière plus attrayante. Les sites Internet sont plus adaptés aux particuliers car ils leur permettent daccéder plus facilement à linformation.
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What’s The Deadline For Filing Your Federal Tax Return
- The deadline for filing federal taxes this year for most taxpayers is Monday, April 18.
- Taxpayers in Maine and Massachusetts, however, have until because of the observance of Patriots’ Day in those states.
- The IRS has also announced extended federal tax filing deadlines for victims of winter storms in parts of Tennessee, Illinois and Kentucky, and victims of wildfires in Colorado. An extended May 16 deadline is limited to affected counties, which can be found on the IRS’ page on tax relief in disaster situations.
- In addition, if you’re serving in the military abroad, including in a combat zone or as part of a contingency operation in support of the US Armed Forces, you may be granted additional time to file your return.
Key Information To Help Taxpayers
The IRS encourages people to use online resources before calling. Last filing season, as a result of COVID-era tax changes and broader pandemic challenges, the IRS phone systems received more than 145 million calls from January 1 May 17, more than four times more calls than in an average year. In addition to IRS.gov, the IRS has a variety of other free options available to help taxpayers, ranging from free assistance at Volunteer Income Tax Assistance and Tax Counseling for the Elderly locations across the country to the availability of the IRS Free File program.
“Our phone volumes continue to remain at record-setting levels,” Rettig said. “We urge people to check IRS.gov and establish an online account to help them access information more quickly. We have invested in developing new online capacities to make this a quick and easy way for taxpayers to get the information they need.”
Last year’s average tax refund was more than $2,800. More than 160 million individual tax returns for the 2021 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline.
Overall, the IRS anticipates most taxpayers will receive their refund within 21 days of when they file electronically if they choose direct deposit and there are no issues with their tax return. The IRS urges taxpayers and tax professionals to file electronically. To avoid delays in processing, people should avoid filing paper returns wherever possible.
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Earned Income Tax Credit
More people than ever before will qualify for the Earned Income Tax Credit because of the recent expansion. For the first time, adults without kids at home are eligible for a credit worth up to $1,500. This includes people ages 19 24 and over 64 who work and werent eligible before.
In addition, many eligible families with children will get a slightly larger EITC. When you file your taxes in 2022, the credit is worth a maximum of $6,728.
Read What is the Earned Income Tax Credit? to learn about your eligibility, how much the credit is worth, and how to get it.
What Is Deadline To E
You have until 11:59pm local time on October 17, 2022 to e-file the 2021 tax return.
If the tax return is rejected TurboTax normally gives at least 5 days after rejection to e-file the corrected tax return. After that extended date the 2021 tax return can only be printed and mailed.
The TurboTax online editions are normally available until the end of October so they can be used to print the 2021 tax return.
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Extension To File Your Tax Return
If you cant file your federal income tax return by the due date, you may be able to get a six-month extension from the Internal Revenue Service . This does not grant you more time to pay your taxes. To avoid possible penalties, estimate and pay the taxes you owe by the tax deadline of April 19, 2022, if you live in Maine or Massachusetts or April 18, 2022, for the rest of the country.
