The IRS will start accepting federal income tax returns on January 24, 2021. So, what's different this year?
First up: Charitable Tax Deduction.
"So, this gives people who normally don't itemize the ability to have a deduction for a charitable contribution," IRS spokesperson Clay Sanders told 25 News.
According to Sanders, Cares Act Funding allows filers to deduct $600 for married couples and $300 for everyone else, a little lower than last year.
If you received Child Tax Credit payments from summertime through December 2021, the IRS will mail you Form 6419.
Make sure that these contributions were made before December 31, 2021.
"This is another good reason to E-File because the E-File programs will do this math for you and that might come in pretty handy," Sanders said.
Those who file, may qualify for the Recovery Rebate Credit. Visit irs.gov to see if you qualify.
70 percent of Americans will qualify to save money on tax preparation by using Free File on the IRS website.
Just make sure you have your ducks in a row, come tax day.
"Obviously, tax preparers can't ready your mind, so you definitely want to hang on to those records, so that you'll be able to go over anything with them and they can answer those questions for you."
If you received the Third Economic Impact Payment, you will get From 6475 in the mail in late January. W2's go out in January too.
The deadline to file now moves to April 18, giving you three extra days to file this year. The deadline is being pushed back because Washington, D.C. is observing Emancipation Day on April 15.
Most people who choose direct deposit should get their refund in three weeks.
