IRS Commissioner Chuck Rettig stated that “planning for the nation’s filing season process is a mammoth task, and the IRS teams have been working continuously for the past few months to prepare.”
When possible, experts recommend completing your tax return electronically with direct deposit, and they emphasize that avoiding the use of paper tax returns is more crucial than ever this year.
Billion dollars were sent to families who were part of the American Rescue Plan last year, a record amount. The Internal Revenue Service (IRS) advises those who received an Economic Impact Payment or an advance Child Tax Credit to pay additional attention while completing their taxes.
Americans also received $3,200 in stimulus money as part of the American Rescue Plan, which was delivered to them or directly put into their bank accounts.
The Northland’s Tj Johnson, owner of Thorlackson Tax and Consulting, and Jackson Hewitt of the Northland both stated that “people are going to want to put all of the stimulus money they did not get last year on this year’s return and, you can’t.”
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The Internal Revenue Service (IRS) will be sending out letters to people who got the Advance Child Tax Credit to ensure that the correct information is included in their tax forms.
Experts suggest that filing your taxes early and submitting a comprehensive and accurate return are two of the most important things you can do to make the process as simple as possible.
Check out the Get Ready page on IRS.gov for further information and tools.
