Tax season begins Jan. 24

It’s that time of year again, the season when Americans gather up their paystubs from the prior year’s work and get ready to fill out a pile of paperwork to get their tax returns come springtime.

The Internal Revenue Service recently announced that tax season this year begins on Jan. 24, meaning that anyone looking to receive their tax refund early can submit their return as early as this month.

The IRS said in its announcement that “updated programming” will allow for smoother processing of unusually complicated returns in light of the Child Tax Credit, which was expanded under the 2021 American Rescue Plan Act to $3,600 per child under 6 years old and $3,000 for children up to 17. This year’s tax return process will also allow tax payers to claim any remaining stimulus money as a Recovery Rebate Credit.

“Planning for the nation’s filing season process is a massive undertaking, and IRS teams have been working nonstop these past several months to prepare,” said IRS Commissioner Chuck Rettig. “The pandemic continues to create challenges, but the IRS reminds people there are important steps they can take to help ensure their tax return and refund don’t face processing delays. Filing electronically with direct deposit and avoiding a paper tax return is more important than ever this year. And we urge extra attention to those who received an Economic Impact Payment or an advance Child Tax Credit last year. People should make sure they report the correct amount on their tax return to avoid delays.”

As always, the IRS is urging Americans to ensure they submit their returns accurately, with all relevant paperwork from monies earned in 2021, so as to avoid any delays in receiving their refund or the imposition of any penalty fees.

The final deadline to submit 2021 tax returns will be April 18 for most taxpayers, as opposed to 2020’s deadline, which was extended to July 15 due to the pandemic.

The IRS staff expects to receive more than 160 million individual returns this year. Last year’s average tax refund was over $2,800. Taxpayers are expected to receive a refund this year within 21 days of filing, with electronic filing and direct deposit as usually the quickest method of submitting a return.

More information can be found at irs. gov.