Introduction
It's that time of year again when taxpayers start preparing to file their income taxes. Knowing the first day to file taxes can be helpful in planning ahead. In this article, we will discuss the first day to file taxes in 2021.What is the First Day to File Taxes in 2021?
The Internal Revenue Service (IRS) has announced that the first day to file taxes in 2021 is February 12th. This is later than the usual January start date due to the COVID-19 pandemic and the late passage of the Consolidated Appropriations Act, 2021.Why the Delay?
The delay was due to the need for the IRS to update their systems and forms to reflect the changes from the new legislation. This includes a new round of stimulus payments, changes to unemployment compensation, and updates to retirement plan contributions.What are the Benefits of Waiting to File?
While it can be tempting to file your taxes as soon as possible, there are some benefits to waiting. By waiting until later in the tax season, you may have more time to gather all of your necessary tax documents and ensure that your return is accurate. Additionally, if you owe taxes, waiting to file can give you more time to save up the money to pay your tax bill.How to File Your Taxes
There are several ways to file your taxes, including:1. Online: You can use tax preparation software, such as TurboTax or H&R Block, to file your taxes online.
2. In-person: You can visit a tax preparation office, such as H&R Block or Jackson Hewitt, to have your taxes prepared and filed for you.
3. By mail: You can download and print the necessary forms from the IRS website and mail them in.
Tips for Filing Your Taxes
Here are a few tips to keep in mind when filing your taxes:1. Gather all of your tax documents: Make sure you have all of the necessary tax documents, such as W-2s and 1099s, before you start preparing your return.
2. Double-check your work: Make sure to double-check all of your information before submitting your return to avoid errors.
3. Consider hiring a professional: If you're not comfortable preparing your own taxes, consider hiring a tax professional to help you.
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