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Is the IRS accepting returns?

  • They began accepting and processing 2021 tax returns on Jan 24th. You will start seeing deposits 21 days after you file so if you filed right away you should start seeing payments around the 14th of feb, however by law they cannot issue refunds involving earned income credit or child tax credit before mid-February so it could be the following week before we start seeing those
     

What are the deadlines this year for filing? 

  • Deadline for filing federal taxes for personal and schedule c is Monday april, 18th because April 15th is recognized as emancipation day in Washington DC and by law Washington DC holidays impact the tax deadline. The 1120-S and 1120 C is due March 15th.

 

Have all the 2020 returns been processed?

  • No but as of the beginning of Dec about 169 million more returns were processed so they are definitely getting closer.   

 

What do people need to know about the child tax credit? 

  • No. This credit is increased to $3600 per year per child through age 5 and up to $3000 per year for children 6 to 17. Eligible families should have received half of the money in advance in equal installments from July to Dec. There should have been a letter mailed to everyone showing how much you got. Make sure that you get that to your tax professional. If you had a baby during this time don’t worry you will still get the $3600 as a return on your taxes.

 

What else should you bring to your tax preparer?  

  • You should bring your W2 from your job, 1099 from people that gave you money, K1 from any partnership or business return, P&L for your business, BS from your business, 1098 for interest you paid, capital gain or loss worksheets, any dividend sheets or retirement, if you have an health savings account you will get a form with that and if you had a distribution you need to bring the medical bills you paid with that, any form about the child tax credit you received, the letter you received about the $1400 a person stilumus payment or the amount that you got deposited. This was given around march so start there. You will also need you last year return that was filed, social security number for everyone on the return and drivers license.

     

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