Important dates for tax filing season
SHREVEPORT, La. (KSLA) - A new year will mean new changes when it comes to filing your tax return. It’s important to start gathering your paperwork for tax season now because the IRS said the sooner the better. They expect a backlog of more than one million returns, due to staffing issues and problems with added elements in this year’s returns such as child tax credits. The IRS will mail letters to those who took advantage of child tax credits this month. Those should be factored into your returns, to have the accurate amount of money you received from the program.
Here are some important dates for you. Taxpayers can start filing tax returns through the IRS’s free file option Friday, January 14. Those won’t be processed until the IRS officially starts taking returns which will be Monday, January 24.
Taxes will be due for most Americans on April 18 unless you request an extension. If you owe money and don’t file on time you could see significant penalties. If you think you could be late finishing your returns it’s best to request an extension early.
The IRS recommended filing electronically, if possible, to speed up your return time. Ninety percent of refunds are processed and returned to taxpayers in less than 21 days if they are filed electronically combined with direct deposit. It will weeks longer if you file a paper return.
Copyright 2022 KSLA. All rights reserved.