The three-and-a-half-month period at the beginning of the year is the time when the necessary paperwork, including wage and earnings statements such as s or W-2s , is collected to assemble tax returns. While some individuals calculate their own tax returns, many rely on the expertise of tax preparers and accounting professionals to be certain the paperwork is filed correctly and to improve the financial outcome of the tax return. Individuals must file federal, state, and, in some cases, local tax returns.
The IRS advises that all taxpayers keep copies of their prior-year tax returns for at least three years. In the event of an IRS audit, a taxpayer will be required to present the last three years of their documents. In extreme cases, such as suspicion of fraud, they will be expected to show seven years of documents. The deadline for employers to file and send W-2s to employees is Jan. Businesses that hire independent contractors must send these nonemployees Form NEC as of the tax year.
This form replaced MISC , which still remains in effect for payments made for things like rent, prizes, health care, among others. Although the deadline to file your taxes is always April 15, there are cases when the IRS may have to extend it. That was the case with the as was the federal tax year.
The agency extended the filing date for individuals until May 17, , due to the coronavirus pandemic. A further extension was granted to those living in Texas, Oklahoma, and Louisiana because of the winter storms that hit those states in February The deadline for individuals and corporations to file their tax returns was pushed to June 15, Even though many taxpayers file their tax returns on or by about April 15 every year, there is no need to put it off until the last minute.
Indeed, filing an early tax return can make sense for a variety of reasons. The IRS will begin processing tax returns for the tax year on Feb. Even if you don't file early, there are reasons to begin preparation as soon as you can. Starting your filing process early gives you the time you need to collect the evidence needed to claim all of your deductions.
You will avoid the headache of the middle of the night stress over figures and receipts. Your accountant will have a more flexible schedule and will probably be able to start working on your accounts immediately. However, you may qualify for free electronic filing through Free File. For more information on electronic filing in general, visit Electronic Filing Options for Individuals. If you mail a paper Form or Form SR , it can take six to eight weeks to process.
Be sure to attach:. Signing the return - For signing an electronic return see Topic No. For information on filing and signing a return for a decedent, refer to Topic No. When you e-file a return, since it's electronically transmitted, you don't need to worry about sending it to the right area. However, when filing a paper return, send it to the address indicated in the instructions for the form you're filing. Alternatively, you may enclose a check or money order with your paper return or, if you filed electronically, with the Form V, Payment Voucher :.
If you prepare your return using tax-preparation software, consult your software's instructions to determine how to make payment through the software. For detailed information on paying your taxes by credit or debit card, other electronic payment, or cash, visit our Payments page. For more information on paying your taxes, refer to your form instructions and to Topic No. If you don't have time to get everything together, you can get a tax extension to push your filing deadline — but not your payment deadline — to October You can start preparing your tax return when you have all your income statements for The federal tax deadline has been pushed to May If you get an extension, you must file by October Employees need W-2s and non-employees, including contractors or gig workers , need s.
These forms were either mailed to you in February or are available online through your payroll company. If you still don't have your W-2 by the tax deadline, you can use the W-2 substitute, Form , and estimate your wages and withheld taxes. Note that the IRS could delay your refund while verifying the information. You'll also need your adjusted gross income AGI from the previous year to sign and file your tax return. Yes, if you're missing part or all of the first or second stimulus payment you qualify for, you'll be able to claim it as a tax credit it's called the Recovery Rebate Credit on your tax return.
If you owe taxes, the credit will reduce your bill and any remaining cash will come back to you as a refund. If you're getting a refund already, the unpaid stimulus will be added to it. You don't have to pay taxes on the stimulus amount itself. Anyone who collected unemployment benefits in will get Form G reporting the amount they received. Normally unemployment compensation is taxable at both the federal and state levels.
If you filed your tax return before the tax exclusion became law, don't file an amended return; the IRS is going to issue an automatic refund for any taxes paid on the exclusion amount.
Those refunds are supposed to start going out in May. You can file online yourself, potentially for free , or visit a tax professional. Also, most active duty military qualify for free filing. Check out your options here. After filing out the required forms, your tax preparer will calculate whether you owe additional income tax or you're getting a refund.
If you don't pay what you owe by May 17, penalties may apply. In general, the IRS ensures filers that the quickest — and safest — method for getting a federal refund is filing electronically and opting for direct deposit. If your tax return was flagged by the IRS for errors, manual processing, or fraud detection, your refund could take longer. To find out when your refund is coming, use the tracking tool on the IRS website beginning 24 hours after e-filing your return.
You'll need your exact refund amount, Social Security number or taxpayer ID number, and filing status. It's easy to procrastinate filing your taxes, but putting it off makes you more vulnerable to fraud.
If a scammer gets hold of your Social Security number and you haven't filed a tax return yet, they could easily file a fake one in your name to get a refund. Scam calls are ubiquitous during tax season. Keep in mind that if the IRS needs to get in touch with a taxpayer, it sends a letter — not an email, not a phone call, and definitely not a message over social media. Especially when it's investigating cases of tax fraud or performing an audit. Never return a phone call from someone claiming to be with the IRS.
Instead, individuals should call the IRS directly at , and businesses should call The US Department of Justice says the IRS never discusses personal tax issues through unsolicited emails or texts, or over social media. Always be wary if you are contacted by someone claiming to be from the IRS who says you owe money. If you receive an unexpected and suspicious email from the IRS, forward it to phishing irs. Disclosure: This post may highlight financial products and services that can help you make smarter decisions with your money.
We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service.
We operate independently from our advertising sales team. Find tax benefits and information around your Social Security. You my need to file a return if you have Social Security income along with other income. Not sure if you need to file a return as a student? If you work during school and receive income , even if it isn't a lot, it may be beneficial if you file a return and report your income. Report the information from a Form W-2 received from working a part-time job or from a form if you were self employed or on contract.
Additionally, you may be able to an claim education tax credit which can only be credited if you file. You may be able to find a reason to file a tax return even if you earn less than the standard deduction - find out below. Tax Tip: File a tax return or tax extension on time if you owe taxes, even if you can't pay the taxes on time. Keep in mind that the late- filing penalties are considerably higher than the penalties for not paying taxes on time.
We spare you the time and effort of researching whether you have to file a tax return or not; simply use the free and easy FILEucator to find out now. Just click and answer a few questions and you will know.
Even if you're not required to file a Return, there are reasons you may want to e-file a tax return. Sign In. The minimum income required to e-file or file a tax return for Tax Year depends on your taxable income, eligible credits, age, and filing status during the tax year. The minimum income levels for the various filing statuses are listed on our standard deduction page. If you make more than the standard deduction for your age and filing status, then you are required to file a tax return.
If you earned below the minimum income for your filing status, you may not be required to file a Federal Tax Return. However, there are reasons why you may still want to file; see a detailed listing below.
Get Your Tax Refund Date. What is DocuClix? Security About eFile. Where Is My Refund? How to Check Refund Status efile.
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