Tax Tip Tuesday: When can I file my taxes?

Tax Tip Tuesday

If you have been hearing all of the news about what you need to do to file your taxes, then your next question may be, When can I file my taxes?”  The IRS just announced that they will begin submission, acceptance, and processing of electronically filed tax returns for most tax filers on Monday, January 24, 2022.  For those who file a paper return, that process will begin later in mid-February.  If you want your tax return processed in the most accurate manner and your refund processed most expeditiously, filing your tax return electronically is the best option. Paper filed tax returns always take longer once IRS receives it in the mail because the data has to be manually entered into the IRS system before it can begin the system of processing. 

An important point to note is that while you can file your taxes anytime after January 1, 2022, the IRS will not process any returns (paper or electronic) until IRS e-File goes live which is planned for January 24th. This includes returns filed via the DIY tax software providers or directly via the IRS website for lower-income filers.

READ: Tax Tip Tuesday: Child Tax Credit & Stimulus Letter

The deadline to file taxes

Now the next question is of special interest to the procrastinators, “When is the deadline to file my taxes?”  Although April 15th has been hailed as the traditional tax deadline, this year the deadline to file your federal and state taxes for most taxpayers is Monday, April 18, 2022.  The delay from Friday, April 15th until Monday, April 18th is due to the Emancipation Day holiday in Washington D.C. (And for those taxpayers who live in Maine or Massachusetts, the tax filing deadline is extended even further until Tuesday, April 19th due to the Patriots Day holiday.)  Although the last two tax filing seasons were extended due to COVID, the tax filing deadline for 2022 is not expected to be extended unless IRS faces a significant backlog or if there are any new tax changes. 

For the taxpayers who request an extension to file, they have until Monday, October 17, 2022 to file their tax return.  Keep in mind that if the filer owes taxes, that payment is due by April 18th despite have the extension to file the return until October 17th

This year is the third coronavirus pandemic tax filing season, and again, that’s expected to cause complexities in filing.  Given the number of government payments to reconcile on the 2021 returns for items such as the Advance Child Tax Credit and the third or plus-up stimulus checks (EIP), there is likely to be delays in the processing of refunds claiming these credits. This is especially likely for those expecting a large refund that includes the earned income or child tax credit.  Those who receive Earned Income Tax Credit (EITC) and even the Advance Child Tax Credit may be delayed in processing their refunds until mid- to late-February for the purpose of performing further identity checks to aid in fraud prevention.

Tracking a refund

Once your tax return is filed you may ask, “How can I track my refund?”  The best way to keep tabs on the processing status for your federal and state tax refund is by using our “Track Your Refund” link.  This link provides access to your federal and any state refund processing.  You will need the tax filer’s social security number, filing status and exact amount of the refund.  The federal refund is expected to be processed in 8 to 21 days. If you did not choose to have your refund direct deposited into a bank account, getting a paper check will take an extra week.  As a general rule, you can expect your state tax refund within 30 days of the electronic filing date or postmark date.

If you need help filing your taxes, be fair warned about making a phone call to IRS. IRS phone systems received more than 145 million calls from January 1 – May 17 in 2021 which is more than four times more calls than in an average year.  Using a tax professional not only affords you the opportunity to ask questions specific to your situation but definitely will save you time!  Feel free to Contact Us at Saunders Tax & Accounting.  We have been helping people file various types of tax returns since 1984 with our focus being to provide you with a “Less Taxing Life” and “More Prosperous Solutions.”