The Internal Revenue Service announced that the nation’s tax season started on Friday, February 12, 2021, but it’s important to note that the filing deadline wasn’t extended.
The February 12 start date for individual tax return filers gave the IRS time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.
To speed up refunds during the pandemic, the IRS urges taxpayers to file electronically with direct deposit as soon as they have the information they need. Overall, the IRS anticipates nine out of ten taxpayers will receive their refund within 21 days if they file electronically with direct deposit and if there are no issues with their tax return.
Tips for taxpayers to make filing easier:
- File electronically and use direct deposit for the quickest refunds.
- Check gov for the latest tax information, including the latest on Economic Impact Payments.
- For those who may be eligible for stimulus payments, they should carefully review the Recovery Rebate Credit guidelines. Most people received Economic Impact Payments automatically, and anyone who received the maximum amount doesn’t need to include any information about their payments when they file. However, those who didn’t receive a payment or only received a partial payment may be eligible to claim the Recovery Rebate Credit when they file their 2020 tax return.
- Remember, advance stimulus payments received separately aren’t taxable, and they don’t reduce the taxpayer’s refund when they file in 2021.
Key Filing season dates to know:
- First week of March. Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit, and there are no issues with their tax returns.
- April 15. Deadline for filing 2020 tax returns.
- October 15.Deadline to file for those requesting an extension on their 2020 tax returns.
The tax deadline is less than two months away, and with laws changing all the time, you should submit yours accurately and quickly. We can help! Contact us today at (540) 720-5656.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.