2022 tax filing season begins Jan 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline Internal Revenue Service

The Internal Revenue Service says that almost all individual taxpayers, regardless of income, can now file their federal tax returns electronically free of charge using the IRS.gov website or the IRS2Go app. The IRS will begin issuing Letter 6475, Your Third Economic Impact Payment, to individuals who received a third payment in 2021 in late January. While most eligible people already received their stimulus payments, this letter will help individuals determine if they are eligible to claim the Recovery Rebate Credit for missing stimulus payments. If so, they must file a 2021 tax return to claim their remaining stimulus amount. People can also use IRS online account to view their Economic Impact Payment amounts. More than 160 million individual tax returns for the 2021 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline.

You can also get an automatic six-month extension by using IRS Form 4868, which will also require you to estimate your tax liability, based on the data available to you. In this case, though, you won’t have to make a payment immediately, but you will have to pay interest on your tax bill if you end up owing money. If you received a W-2 form from your employer, any money you spend to improve your home office is not deductible. Home office deductions are reserved for self-employed individuals. So, even if you used your spare bedroom as an office, you won’t be able to write that off (or any ancillary expenses, like a portion of your utilities).

Tax deadline for taxpayers impacted by Israel terrorist attacks

As part of the August passage of the Inflation Reduction Act, the IRS has hired more than 5,000 new telephone assistors and added more in-person staff to help support taxpayers. According to the IRS, the charitable contributions deduction was the most important item in eliminating the tax on returns without any worldwide tax season income tax and with an AGI of $200,000 or more in 2020. Total miscellaneous deductions, medical and dental expense deductions, and all other taxes, were next. While the IRS Free File Program allows most Americans to file their federal taxes for free online, there are a variety of services available for those who qualify.

Of course, if you file for an extension, these penalties do not apply. Similarly, if you can show reasonable cause for not filing, you’ll avoid them as well. And if you historically have filed on time, you might qualify for the First Time Abatement program, which will help you avoid any fees.

IRS extends filing and payment deadlines for tax year 2…

But the agency urges taxpayers to begin the filing process sooner. With the past three tax seasons being impacted by the pandemic, the IRS has taken on measures that would ensure Americans can file their returns in a more streamlined manner. The IRS states that most tax refunds are distributed within 21 calendar days of filing. You’ll get your refund fastest if you file early and get ahead of the procrastinators. The IRS has occasionally extended the usual mid-April deadline for some or all taxpayers for a number of reasons.

According to the Internal Revenue Service, the due date for tax returns will fall on April 15 for the first since 2019. The IRS system will be available in a dozen states, including New York, to start. Direct deposit is free, and you can even split your refund into different accounts. For example, if you expect a tax refund of $3,000, you can choose to have $1,500 deposited separately into your checking and savings accounts. Taking steps to organize your documents beforehand can help you avoid errors or potential delays. More importantly, gathering the correct information may help you take advantage of tax deductions or credits that can benefit you.

Credits & Deductions

MilTax is a free tax resource available for the military community, offered through the Department of Defense. It includes tax preparation and electronic filing software, personalized support from tax consultants and current information about filing taxes. It’s designed to address the realities of military life – including deployments, combat and training pay, housing and rentals and multi-state filings.