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Where Can I File My Taxes

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If you are a salaried employee who wants to claim any refund for the taxes paid then it is possible only if you file your income tax return. Furthermore, if you have any tax liability and you do not file your ITR, the IT department will send you a notice. Also, the interest on nonpayment of tax will accumulate till the time you pay your taxes. It becomes critical when you are required to pay taxes to the government.

Is Tax Filing Compulsory

It depends.

If you dont owe taxes to the government, you may not need to file a tax return. However, there are other reasons why you may need to file a return and they include if:

  • You are expecting a tax refund. Duh! CRA wont chase you around if you dont owe them. If you want whats yours i.e. tax refund, you better go get it!
  • You are eligible for and want to collect government benefits including GST/HST credits, Canada Child Benefit, GIS or Allowance benefits.
  • You have an open Home Buyers Plan or Lifelong Learning Plan account through your RRSP.
  • You are contributing to the Canada Pension Plan .

There are a few other scenarios where a tax return filing is required even if you do not owe taxes. If in doubt, just file there are many ways to do it for cheap, or even free.

Keep An Eye On Your Income

You need to file a tax return if you meet or surpass certain levels of income during the year. If youre employed, look at your pay stub for the year to date incomeand if you have more than one job, be sure to add up your income from all your employers. Remember to include income from other sources, too, such as money you make on rental property, anything you sell, investments or interest.

Read Also: How To Pay Federal And State Taxes

Are You Wanting To Know When Can You File 2020 Taxes

The Internal Revenue Service has just announced that the 2021 tax filing season start date will be Feburary 12, 2021. Thats the day when the IRS will start accepting and processing 2020 taxes.

The IRS also gives this recommendation.

You should file your taxes early so you can avoid delays when waiting for your tax refund.

With an estimated 153 million tax returns expected to be filed, 80% of which will be submitted through online tax software, its always better to start as soon as possible and avoid any system downtime or painful delays.

People can begin filing their taxes immediately with online tax software companies, including IRS Free File partners. These companies are starting to accept tax returns now, and 2020 tax returns will be automatically transmitted to the IRS on February 12, 2021.

Watch For Your Income Documents To Arrive

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You should receive forms about how much income youve earned from your employers and other income sources in January or February. If you are a full-time employee, you will receive a Form W-2 detailing your earnings, as well as which taxes were withheld. If you work freelance or on a contract, you may receive a Form 1099-NEC detailing what you earned. You may also receive documents showing dividends or interest earned on investments , or student loan interest youve paid . If youre a college student , youll receive a Form 1098-T that shows how much you paid in tuition, as well as any amounts you received from grants or fellowships, to help you figure out deductions and credits related to education expenses.

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Types Of Tax Credits And Benefits

There are two types of tax credits:

  • non-refundable tax credits can reduce the amount of tax that you owe, for example you may receive a tax credit for donations and gifts
  • refundable tax credits can reduce the amount of tax that you owe but are also available even if you dont owe any tax, such as the Ontario Energy and Property Tax Credit
  • Benefits can help with various living expenses, such as raising children, housing, loss of income and medical expenses.

    Read the Canada Revenue Agencys General Income Tax and Benefit Guide and Forms Book to learn more about which tax credits you can claim.

    With the Ontario Child Care Tax Credit, you could get back up to 75% of your eligible child care expenses. It applies to eligible child care options, including care in centres, homes and camps.

    The Low-Income Workers Tax Credit provides up to $850 each year in Ontario personal income tax relief to low-income workers, including those earning minimum wage.

    Extension Filers: File Your Tax Return By October 15

    Your extension of time to file is not an extension of time to pay your taxes. Pay the tax you owe as soon as possible to avoid future penalties and interest.

    If you didn’t get a first and second Economic Impact Payment or got less than the full amounts, use Free File to claim the 2020 Recovery Rebate Credit.

    IRS Free File lets you prepare and file your federal income tax online for free. File at an IRS partner site with the IRS Free File Program or use Free File Fillable Forms. It’s safe, easy and no cost to you for a federal return.

    To receive a free federal tax return, you must select an IRS Free File provider from the Browse All Offers page or your Online Lookup Tool results. Once you click your desired IRS Free File provider, you will leave the website and land on the IRS Free File providers website. Then, you must create an account at the IRS Free File providers website accessed via to prepare and file your return. Please note that an account created at the same providers commercial tax preparation website does NOT work with IRS Free File: you MUST access the providers Free File site as instructed above.

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    How Far Back Can You File Taxes In Canada

    Here is what you need to know about filing prior year tax returns, including how to file back taxes, and how far back you can file taxes in Canada. Farber Tax can help you get your tax situation in order and avoid costly CRA penalties and interest.

    Fill out the web form or call us to get started.

    Book A Free Confidential Consultation

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    Possible Refund Delays Because Of New Laws

    Where can I file my Taxes for Free?

    One primary reason for the expected refund delays is a new law that forces the IRS to withhold refunds when the EITC, Earned Income Tax Credit, and ACTC, Additional Child Tax Credit, have been claimed on a persons taxes.

    The 2015 act was passed to allow the IRS to combat fraud and issue correct refunds.

    Once the refund has been approved and cleared for payment, the funds will be processed through the banking system, which is affected by the Presidents Day holiday. Realistically, you can expect to get your money in the last week of the month.

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    How You Can Start Filing Your Taxes Now

    The IRS will be opening the tax filing season in mid-January, but theres no need to wait until then to file your taxes.

    Online tax filing allows you to be one of the first in line to get your tax refund. They will securely hold your tax return and submit it to the IRS the minute they start accepting tax returns.

    Income $72000 And Below:

    • Free federal tax filing on an IRS partner site
    • State tax filing
    • Guided preparation simply answer questions
    • Online service does all the math
    • Free electronic forms you fill out and file yourself
    • No state tax filing
    • You should know how to prepare paper forms
    • Basic calculations with limited guidance

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    Why Was The Free File Alliance Formed

    In November of 2001, the Office of Management and Budget’s Quicksilver Task Force established 24 e-government initiatives that were a part of the President’s Management Agenda. These initiatives were designed to improve government to government, government to business and government to citizen electronic capabilities.

    One initiative, IRS Free File, instructed the IRS to provide free and secure online tax return preparation and filing services to taxpayers. In accordance with this OMB directive, the IRS worked in partnership with the tax software industry to develop a solution. The result was the formation of the Free File Alliance, LLC.

    How Income Tax Works

    Doing Your Own Business Taxes

    Federal and Ontario income taxes are paid to the Canada Revenue Agency , which is part of the federal government.

    Income tax is commonly taken off your pay by your employer, or off your pension, and sent directly to the CRA. You may also have to calculate the tax you owe and send a payment to the CRA.

    Each year, you should file a tax return with the CRA to:

    • report the income youve made
    • ensure youve paid the correct amount of income tax
    • access tax credits and benefits

    Learn more about how much tax you should pay on each portion of your income.

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    Filing Back Taxes In Canada

    You should file your taxes on time. This is the best way to avoid interest charges, penalties, and additional hassle from the Canada Revenue Agency . However, for many reasons, people sometimes do not file their taxes when they should. Maybe you forgot or maybe you didnt realize that you needed to file. Maybe you did not file on purpose. Sometimes, people believe that its in their best interest to not file their taxes if they dont have the money to pay their tax debt. This isnt true, but its a common belief and it happens.

    For whatever reason, if you didnt file your taxes when you should have, and now youre wondering how far back you can file taxes in Canada, the good news is that it is possible to file prior year returns.

    Electronic Filing Options For Individual Income And Business Taxes

    Being sensitive to the changing economic climate, the Kansas Department of Revenue no longer produces and distributes a large number of paper documents. Instead, instructions, sample tax forms, and schedules can be accessed on the Department’s website by going to the forms and publications page. The Department also offers the following alternative electronic reporting and filing options.

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    Tax Return Filing Dates In 2022

    Below are the estimated dates for key tax filing activities and deadlines. These will be updated as the IRS provides more information and you can subscribe to get notified of the latest updates.

    Stay In the Know:or follow us on , and

    An important point to note is that while you can file your taxes anytime after the beginning of the year, the IRS will not process any returns until IRS e-File goes live. This includes returns filed via the main tax software providers or directly via the IRS website for lower income filers. The IRS also reiterated that filing your taxes electronically is the most accurate way to file a tax return and the fastest way to get a refund. It is expected that more than over 80% of tax returns will be e-filed in the latest tax year.

    Once your return is accepted the IRS processes your refund based on the IRS E-file Refund Cycle Chart. Exact refund dates are based on IRS processing times and can be found in IRS Publication 2043 and IRS Topic 152 for both e-filed and mailed returns. After filing and assuming your tax return is on order you should receive your federal refund between 8 and 21 days. If you did not select the electronic deposit option, getting a paper check mailed to you adds about a week. As a general rule, you can expect your state tax refund within 30 days of the electronic filing date or the postmark date.

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    More Info For Explore Filing Options For Massachusetts Personal Income Tax Returns

    Payment Agreements

    If you cant make your tax payment in full, pay as much as you can with your tax return. After you are billed for the balance, you can set up a payment plan online through MassTaxConnect or by calling 887-6367.

    To set up a payment plan with MassTaxConnect, you need to:

  • Log into MassTaxConnect. If you don’t have a MassTaxConnect account, choose Create my username to set up one.
  • Under the More tab, choose the option Request a Payment Plan under “Collections Notices.”
  • If you owe $5001 or greater, a payment agreement cannot be set up with MassTaxConnect. You would need to set up a payment agreement by calling Collections at 887-6400.

    Learn Which Credits And Deductions You Can Take

    Getting a sense of which can help you pull together the proper documentation. Here are a few to consider:

    • Savers credit. If you are not a full-time student and are not being claimed as a dependent, you may be eligible for a tax credit if you contribute to a retirement plan. The amount of the credit depends on your filing status and adjusted gross income. For the 2021 tax year, if your filing status is single, you may be eligible if your adjusted gross income is $33,000 or less. If you are married and are filing jointly, you may be eligible if your adjusted gross income is $66,000 or less. However, these numbers are subject to change in future tax years.
    • Student loan interest. You can deduct up to $2,500 in interest payments, depending on your modified adjusted gross income.
    • Charitable deductions. Donating to your alma mater or a favorite charity? Generally, you can deduct those donations if you itemize your taxes.
    • Freelance expenses. If you are self-employed, you may be able to claim deductions for work-related expenses such as industry subscriptions and office supplies.

    If you think you may qualify for additional credits or deductions, check the IRS website.

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    How To File Income Tax Return For Salaried Individual

    If you are a salaried individual with an income of less than Rs 50 lakhs, you must use the ITR-1 form to file your income tax return. You can choose to file your ITR either online or offline.

    Calculate your income and tax for the financial year.
    While calculating your income, consider income from salary, house property, Bank interest and other sources.
    Choose between New Tax Regime and Existing Tax Regime depending on your total income and tax planning done for the financial year.
    Ensure that you collect your Form 16 from your employer.
    Download Form 26AS from the income tax portal to know the amount of TDS.
    Ensure that you have the proofs handy for claiming income tax deductions.
    Select the form ITR-1 while filing your return.
    Download the latest version of the ITR filing application.

    Remember These Tax Filing Dates

    How Far Back Can I File My Taxes In Canada

    Apart from the opening date of tax-filing season, the IRS also outlined important closing dates.

    You have until Tuesday, April 15, to file your 2020 returns.

    If you have tax software or work with a tax professional, it might be worth filing your returns now, or at least getting all the paperwork ready. These third parties are still subject to the same filing dates as everyone else, but having everything sorted will lead to a stress-free tax season.

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    How To File Your Taxes In 2021

    There are so many ways to go about filing your taxes in 2020, depending on your circumstances or preferences. Some of the options available include:

    Online Tax Software: There are many brands of tax software you can use for filing your taxes. Depending on the level of support you need, you can choose the free or paid versions.

    Examples of tax software in Canada include TurboTax Online, WealthsimpleTax, H& R Block Tax, Studio Tax, GenuTax, AdvTax, uFile, and CloudTax.

    We have reviewed some of these options and you can learn more about what they offer using the links below:

    Tax software simplifies the filing process since you can connect to an existing CRA My Account and use the auto-fill my return feature to automatically populate a good portion of your information. This automated process also helps to reduce the likelihood of errors occurring.

    Using an online software means that you can send your tax return directly to CRA through NETFILE, and get your refund back in as little as 8 business days. Additionally, you will have your tax information for previous years stored online and easily accessible for reference in the future.

    Paper Return via Mail: Some people prefer to do their taxes the old-fashioned way. In some years, the CRA mails out tax forms to paper filers to hasten the process. If you prefer to file a paper return and did not receive them in the mail, you can order a paper copy or starting on January 18, 2021.

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