Tax Season 2022 Has Started: What You Need to Know
On January 24, the IRS began accepting and processing tax returns, marking the start of the tax season 2022. From the date of the Tax Day this year, to some filing tips, here’s what you need to keep in mind.
6 Fast Tips for a Smooth Tax Season
- Unlike most years, federal Tax Day this year will be on April 18, not April 15. This is due to the fact that the state of Washington celebrates Emancipation Day on April 15.
- Begin by gathering all the documents you will need, including W-2s, receipts, canceled checks, and any other element you may need to support items of income, deductions, or credits on your return.
- Filing electronically helps you avoid delays with your refund. This is particularly important considering that refunds may take longer than usual this year because the IRS is still dealing with a backlog of unprocessed 2020 tax returns (more on that later).
- If you received Advance Child Tax Credit Payments or the third Economic Impact Payment, remember to include in your records the letters from the IRS you should have received between December 2021 and January 2022.
- Also, if you received an Economic Impact Payment or Advance Child Tax Credit in 2021, put special emphasis on entering the amounts correctly. Inaccuracies will lead the IRS to further review your return, leading to delays .
- If the IRS is still processing your 2020 tax return, you can still file your return for 2021. This presents a problem because in order to file, you’ll need the Adjusted Gross Income (AGI) from your most recent tax return. To solve this, the IRS asks taxpayers still waiting for their 2020 tax return to be processed to enter $0 (zero dollars) as the AGI value for last year.
Need Help With Your Taxes? Contact the Experts at JT Tax Services
Do you need assistance with personal or business taxes? JT Tax Services is here to help! We give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.
We are located in Oxnard, California. Contact us today by email (firstname.lastname@example.org), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.