It’s hard to believe it, but the 2021 tax season is already here. And while the 2020 tax filing deadline was extended from April to July due to the coronavirus, the traditional deadline, April 15, will return in 2021. That’s the date that you’ll need to file your individual tax return by — unless, of course, the IRS decides to change it again.
It will be worth your time to get an early start on your tax return in 2021. For many people, this year’s tax return will involve new complexities. Between unemployment insurance claims, stimulus check income and lockdown-driven changes in residence, there are a host of new issues — all of which could have a significant tax impact — that will make this year’s filing process different, and potentially more complicated, than previous years.
That noted, the IRS has not yet announced the specific date that it will begin accepting returns in 2021. Based on previous years, however, you can expect your 2021 refund to arrive somewhere between one week after filing (if you e-file with direct deposit set up) and two months (if you mail in your forms and choose to get a check). And if you were one of the 9 million people who never received all or part of their stimulus check, you can still claim that money on your tax return next year.
Some good news: There are plenty of tax preparation software packages that will make the filing process easier. For frugal taxpayers or those with a super simple return, there are several free or low-cost options that will get the job done without a professional tax preparer. And if your tax situation is more complicated, or you just want to make sure you’re not leaving any money on the table, there are a handful of capable, reasonably priced tax prep platforms that can help simplify what can be an overwhelming process. Check out our top picks below…Read more>>