Recently, the Internal Revenue Service (IRS) announced that tax season will start a little later than usual. This year the IRS will begin accepting and processing 2020 tax returns on Friday, February 12, 2021.1
In light of the December 27 tax law changes which brought a second round of Economic Impact Payments and other benefits to many, the IRS will use this additional time to update, program, and test their systems.1
However, if you intend to work with a tax professional or use tax software, there’s no need to wait. If you prepare your return now, not only will you have your taxes done and out of the way, but your filings will be transmitted to the IRS starting February 12.1
Even with this new date in mind, your deadline to file is still April 15. To request an extension, make sure you do so by April 15. This may grant you until October 15 to file your 2020 tax returns. However, this is an extension for filing only. The IRS still requires one to pay any taxes due by the original filing date of April 15.1
Filing one’s tax returns can be a complicated and sometimes daunting process. It’s never a bad idea to speak with a tax professional before filing or securing their services to file on your behalf.
Navigating the increasingly complex tax environment can be a daunting task to manage alone. But planning well in advance can enable you to take advantage of the opportunities and benefits available under the new tax code.
We are here to collaboratively help you may have when it comes to tax preparation. Give us a call at our Charlotte office at (704) 248-8549, or our Clemmons office at (336) 391-3409. Or, click here to request a no-cost, no-obligation meeting.
SOURCES:
- gov, January 15, 2021
- Adapted from original article by FMG Suite.
