How to speed up refunds for individual tax return filers
The Internal Revenue Service announced that it will begin accepting and processing 2020 tax year returns on Friday, Feb. 12, 2021.
The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27th tax law changes that provided a second round of Economic Impact Payments and other benefits.
Tips to Make Filing Easier
To speed refunds and help with their tax filing, the IRS urges people to:
File electronically and use direct deposit for the quickest refunds.
Check IRS.gov for the latest tax information, including the latest on Economic Impact Payments. There is no need to call the IRS.
For those who may be eligible for stimulus payments, they should carefully review the guidelines for the Recovery Rebate Credit.
Most people received Economic Impact Payments automatically.
Anyone who received the maximum amount does not need to include any information about their payments when they file.
Those who did NOT receive a payment or only received a partial payment may be eligible to claim the Recovery Rebate Credit when they file their 2020 tax return.
Tax preparation software, including IRS Free File, will help taxpayers figure the amount.
Taxpayers can check Where’s My Refund for their personalized refund date.
Remember, advance stimulus payments received separately are not taxable, and they do not reduce the taxpayer’s refund when they file in 2021.
The IRS anticipates nine out of 10 taxpayers will receive their refund within 21 days of when they file electronically with direct deposit if there are no issues with their tax return.
For More information on the 2021 filing season, click here