Can you believe it is already tax season again? Last year, we saw a huge delay in tax filing and processing due to the coronavirus pandemic. Now, it is time to get a hold on your taxes for the 2020 tax year. To learn some tips for filing your taxes this year, keep reading!
First things first, the deadline to file your 2020 tax return is April 15th, 2021. The earlier you get everything ready for filing, the quicker you will receive your tax return. The IRS will begin processing tax returns beginning February 12th, 2021. As we continue to navigate the pandemic, it will be a busy season for both tax preparers and the IRS. Not only will it be busy, but the IRS is still in the midst of processing the new stimulus checks and other paperwork for taxpayers.
If you are going to file your taxes early, there are a few things you can begin doing to get a head start. Rather than gather your papers and files together at the last minute, it is in your best interest to begin gathering them sooner than later. By making a checklist or even preparing a packet of important documents, you will be more prepared than most taxpayers! Making sure that you are up to date, accurate, and organized will help your tax filing experience run smoothly and ensure you will receive your tax return either early or on time.
Last year, the IRS introduced electronic filing for those that need to amend their tax returns as a result of the pandemic placing a huge strain on the IRS. To remove the requirement to file amended returns only by paper, the IRS now has an electronic option to file an amended return, which should decrease the amount of time it takes to file and process.
One of the best things you can do to make sure your tax filing experience this year sails smoothly is to work with a financial professional. This way, you will be sure that your documents, paperwork, and other necessary materials for successful tax filing are ready to go when you go on the IRS website to file your taxes. Staying ahead of the game is a great idea, especially if you were one of the millions of Americans who received their tax return late last year.
Mooney Lyons would be happy to assist you with any questions you have regarding your taxes. Our team is here to make sure you are prepared and that your taxes are filed correctly and precisely. Give us a call at (847) 382-2600, we are here to help!