When does the Internal Revenue Service start accepting and processing federal income tax returns? The 2021 tax season is officially started at the time of writing this article, and you can send your tax return.
Although the tax season generally starts before February of every year, the current tax season came a bit later. The IRS initiated the 2021 tax season on February 12. This could be due to the COVID-19 and the second round of Economic Impact Payments.
Aside from the 2021 tax season, we expect the IRS to put things into normal as it was once for the future tax season. This means the start of the tax season will be the last Monday of January or any day between January 15 and January 31.
The IRS waits a few weeks after the tax year ends because taxpayers need to prepare information returns to the rightful recipients so that they can report the income they earned during the year and file their returns accordingly.
How to get a tax refund fast?
To better understand how you can get your tax refund fast, we need to understand how the process works. The Internal Revenue Service first needs to process your tax return so that your tax refund can be approved.
Once the IRS goes through your tax return and approves your refund, it will be sent. You can receive your tax refund in two ways. It can be either direct deposited to your bank account or you will get a check. We suggest the first option as it’s going to take less time for the funds to reach.
So one thing you can do to get your tax refund faster is by opting to receive it as direct deposit to your bank account. How you submit your tax return also matters. Since electronically filed tax returns take noticeably less time for the IRS to process than mailed-in tax returns, file electronically to get leverage. Filing taxes electronically doesn’t just help with getting your tax refund faster though.
By e-filing taxes, you will make your tax return a lot less prone to errors. Entering any unreadable money amount or text on your tax return will result in the IRS not being able to process your tax return so you will need to either send a new tax return or amend the return. So e-file taxes to waive the potential problems that may occur when it’s time to process your tax return.
How to file taxes electronically?
There are multiple options for filing taxes electronically. The Internal Revenue Service helps taxpayers file their taxes for free with its tax preparation service partners. To file taxes electronically for free, you must earn less than the designated income limit. For the 2020 tax returns you’ll file in 2021, the income limit is $72,000. So if you’re making less than $72,000, you can file taxes for free.
Those with income above $72,000 can still file taxes for free using the Free File Fillable Forms. Learn more about how to file taxes electronically.