What to Know About Filing Your Taxes This Year
The first and most obvious thing about filing your taxes this year is that you do have to file. There’s really no getting out of it. Despite what you may hear on the news or from your fellow taxpayers, it doesn’t have to be a painful experience.
Similar to last year, when the IRS and many state agencies extended the filing deadline due to the Covid crises, the date for filing your taxes has been extended again. This year’s deadline is now May 17th. You may still request an extension until October 15th if you need more time.
Filing your taxes may not always go right the first time, meaning you may need to file an amended return. One change this year is that, for the first time, most amended returns can be electronically filed, meaning you won’t have to wait months for it to be processed.
However, don’t expect a quick response from the IRS this year. While hopefully the worst of the pandemic has passed, many IRS offices are still shuttered, and a great portion of IRS agents are working from their homes. The agency is relying on automated systems more than ever before. That may mean smooth sailing for your return. On the other hand, if your return requires a human touch, you may be in for a long wait. The IRS hasn’t fully processed last year’s returns let alone this year’s offerings.
We continue to hear on the news that we are living in unprecedented times. Well, tax season is no exception. Here’s hoping your tax filing is easy and painless this year.