If You Owe Stimulus Money from 2021, You Should File Your Taxes

January is tax month. (Photo by Nataliya Vaitkevich from Pexels)

Beginning January 24, the Internal Revenue Service (IRS) will start receiving tax returns. This is a step up from last year, when the IRS moved the start of the tax season to February, causing taxpayers to wait longer for their refunds to arrive.

April 18 Deadline

The IRS had a challenging year in 2021, as it battled to keep up with the influx of tax returns when it was short on staff. Sadly, according to MSN, part of it has been carried over into the new year. The IRS is currently believed to have more than 11 million unprocessed tax returns from the previous year. As a result, the agency may have difficulty sorting through this year’s returns once they start coming in.

Monday, April 18, is the last day to file a 2021 return or a request for an extension.Taxpayers who request an extension will have until October 17 to file, azcentral.com wrote

Ways To File Taxes 

The MSN posted that you can file your taxes in many different methods. Do them yourself, use tax software or an internet program, see a tax preparer, or receive help from an enrolled agent or a certified public accountant. For those whose income was less than $73,000 in 2021, you may be eligible to file your taxes for free through the IRS Free File service.

If you qualify, you may also be eligible for free tax preparation support through the IRS Volunteer Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs. Free programs that aren’t income-based are also available from several tax software businesses. If you have a simple tax return, TurboTax, for example, offers three free tax filing options.

There is no penalty for missing the tax deadline if you don’t owe any money, but you must complete a return to receive your refund. However, if you do not file your return within three years of the due date, you will not be eligible for a refund.

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