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Tax Filing Season Begins 2/12/2021

February 01, 2021

The IRS recently announced that the 2021 IRS tax filing season begins February 12, 2021. This is the first date taxpayers can submit their Federal tax returns.

The IRS recommends taxpayers file electronically AND enroll for direct deposit of refunds for enhanced security, faster tax return processing, and faster refunds.  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.  Taxpayers are able to check the status of their refund online by visiting the IRS Where’s My Refund website at https://www.irs.gov/refunds

 As a reminder, any advanced stimulus payments received separately are not taxable and do not reduce the taxpayer’s refund when filing.  In fact, if their 2020 income is lower than their prior years 2018 or 2019, they may receive additional credits in addition to what was already received earlier in 2020.

As always, we recommend checking with your State taxing authority as each state may have different filing requirements, may begin accepting returns at a different date, and may issue refunds on a different schedule.

The 2020 tax deadline has returned to the normal deadline of April 15, 2021.