H&R Block gives advice ahead of tax season
There are some new steps that may affect the way you file taxes this year.
Western U.P., Mich. (WLUC) - Whether you dread it, or are expecting good returns, it’s that time of year once again: tax season.
The IRS will start accepting federal income tax returns in less than two weeks. “On January 24th, the IRS’s electronic door opens and they’ll start accepting and processing tax returns,” H&R Block Senior Tax Preparer g.g. gordon said.
H&R Block in Marquette Township says there are some changes that may affect the way you file this year. If you received advanced child tax credit payments in 2021, you will receive a 6419 Letter in the mail by the end of January. “We have to have that letter or that accurate information to file a tax return for anybody who got an advanced child tax credit,” gordon said.
Additionally, the IRS plans to send a 6475 Letter detailing how much you received in stimulus payments. While the IRS won’t tax your stimulus money, you’re still required to report it. “That money is not taxable, but it has to be reported accurately on your tax return in order for your tax return to be processed efficiently,” gordon said.
If you’re overwhelmed and can’t find the time to file your own tax returns, companies like H&R Block are ready to prepare them for you.
As long as you have all the required forms, which you should receive soon. “Pretty much all tax forms, informational forms, are required to be sent out by the end of January,” gordon said. “That’s W2s, 1099s, et cetera.”
Once you’re done, there may be a wait on that return. “[The] IRS is understaffed and has enormous additional burdens added onto [its] workload,” gordon said. “[The IRS is] still millions of tax returns behind on processing tax returns filed for tax year 2020.”
As such, H&R Block suggests filing online for optimal results. “Filing electronically is your best bet to get a faster refund,” gordon said.
Normally, the tax filing deadline falls on April 15. This year, it has been moved to April 18th due to Emancipation Day.
Whether it’s by yourself, or with the help of a professional like those at H&R Block, gordon wants you to consider filing your taxes as soon as you can to get the best possible returns.
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