View Your IRS Account! Tax Season Start Announced
The Bottom Line:
IRS starts processing returns Feb 12
You can view your tax account online!
Quicklinks @ GDA’s resources page & IRS.gov
Tax Season: Engage!
As of today this is what we know: tax filing season starts in February and Good Day is ready to go! The IRS will officially begin accepting/processing returns February 12. Let's talk resources:
It me! Peep your IRS account
This is a really great way to view your tax balances, active payment plans, recent payments, Economic Impact Payment (stimulus) amounts, and access transcripts. There’s a friendly video walking you through this^^ here!
Regarding stimulus amounts — not only do we need those numbers to prepare your Sweet Sweet Taxes, but also if you didn’t already receive your total amount you might qualify for the Recovery Rebate Credit. And remember — if you did, these moneys are not taxable and will not reduce your 2020 refund.
Businesses can submit a form to request a transcript of their tax return (non-1040 individuals who love and adore transcripts could also do this here).
Electronically + DD + Checking IRS.gov re EIP = quick-n-EZ
The IRS is expecting most taxpayers to receive their refund within 21 days of e-filing. Those eligible for Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) should receive some clams by early March if all is shipshape. E-filing is always best – paper returns are #no right now as is phoning the IRS, and using Direct Deposit almost always assures the quickest refund.
Good Tips for Good Day
Head over to Good Day’s Tax Resources Page for quick links to the Where’s My Refund Tool, CARES Act and PPP2 info, retirement distribution info, the Withholding Estimator, Paycheck Checkup, etc.
Dates
Some important (federal, not GDA) dates as stated by the IRS:
Jan 15: Free File opens
Jan 29 is Earned Income Tax Credit Awareness Day, which sounds fun like “Pizza Day” in 3rd grade
Feb 12: IRS begins processing returns
Feb 22: the Where’s My Refund tool should be updated for those claiming EITC & ACTC
First week of March: refunds could begin for those claiming EITC & ACTC, and those who e-filed with no issues
April 15: Deadline for filing
Oct 15: Deadline for those requesting an extension
Tax season can be overwhelming anytime, but particularly in such a difficult year — resources help empower us to feel more secure. Look ahead, use what's available to prepare, reach out and ask for help, and you're sure to have a Good Day.