Why the Wait?
It’s only right that even the 2021 tax filing season start date has been postponed by the 2019 Coronavirus, but at least we know when it will return to normal.
Why the Wait? All good things take time, especially if you want to get a second round of Economic Impact Payments. The IRS is programming, updating, and testing its systems due to the December 27th tax law change, and making sure that they run smoothly.
When Can I File? You can begin filing your return now, but it cannot be submitted until February 12th. The IRS is urging people to file online with direct deposit as opposed to paper in order to avoid unnecessary errors. It is also noted that in order to maintain a timely process make sure you have checked IRS.gov for the latest information before you call with any questions. If all goes smoothly, taxpayers will receive their refunds by the first week of March at the latest or within 21 days of when they file.
The professionals at The Center for Financial, Legal, and Tax Planning, Inc. are more than knowledgeable with regards to making beneficial tax choices for small business owners and individuals. Please contact us at (618) 997-3436 for more information.