When is the first day to file taxes varies each year, but it generally falls somewhere in the first half of January. To find out the exact date, make an appointment with a tax professional at nationaltaxreports.com. There are also many benefits to filing early. Here are a few.
Tax filing season starts on Feb. 12
The tax filing season for the 2020 tax year will start on Feb. 12, which is a little later than usual, according to the IRS. While the earlier start date allows third-party tax software companies to begin processing returns earlier, the filing deadline remains the same. The delayed start date also helps the IRS program and test new systems, including the COVID-19 stimulus package changes.
The IRS is facing some tough financial challenges. In recent years, budgets have been cut and the Internal Revenue Service has struggled to manage with outdated computer systems and fewer employees. It also faced an extra workload due to the pandemic and stimulus checks.
The tax filing deadline is April 18
The IRS has moved the tax filing deadline to April 18 this year. It had originally been April 15 but was pushed back because of the holiday Emancipation Day in Washington, D.C. It’s the same day as the federal holiday, but Massachusetts and Maine celebrate it on April 19. The IRS has also extended the filing deadline to 2022, but this time, taxpayers will have until April 18 to file their returns.
While it’s not possible to avoid the filing deadline, there are some things you can do to ensure that your returns are filed on time. Generally, the earlier you file your tax returns, the better. Remember to keep all your tax paperwork handy.
Benefits of filing early
Filing your taxes early can give you peace of mind. It will prevent procrastination, and it will also help you get your refund faster. If you wait until the last minute, you could forget about expenses and credits that you can deduct. That’s why it’s important to keep adequate records and itemize your deductions. Additionally, filing your taxes early gives you enough time to double-check your work and plan your payments.
Another benefit of filing your taxes early is the size of your refund. When you file your taxes early, you will get a much larger refund than if you wait until the last minute. This is because you will have more time to gather the funds to pay your taxes if you owe them. The IRS has extended the deadline for paying taxes until July 15, 2020.
FBAR due date moved to tax day
The FBAR due date was moved from June 30 to April 15 because of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. The reason for the change was to better align the FBAR filing deadline with the filing season of the federal income tax. While it may sound confusing, it is simple.
The FBAR is a financial account report that must be filed annually. It is filed electronically via the BSA E-Filing System. This form is required by the Internal Revenue Service and another federal financial office, FinCEN. This report is intended to track foreign accounts owned by U.S. taxpayers. The FBAR due date is April 15 and you can request an extension for up to six months.
Extensions for filing taxes
When you need extra time to file your taxes, you can get an extension from the IRS. However, most tax experts discourage you from using this method unless you have some missing information or need extra time to travel. If you file an extension, you will likely have to wait longer for your refund.
You can also get an extension by paying electronically. To do this, you need to register for the Electronic Federal Tax Payment System. With this system, you can pay with your debit card, credit card, or digital wallet. The IRS charges a penalty for late filing and failure to pay by the deadline, which can be up to 25 percent, for this visit nationaltaxreports.com.
The IRS also offers extensions for those affected by a disaster. In these situations, you must file Form PV by the due date, and enclose your payment. If you file electronically, you can use a credit card or direct debit instead of sending a check. In most cases, requesting an extension is free and simple. To apply, you need to provide your personal information, individual income tax information, and estimated tax liability. You must also include the total amount of payments that you have made, if applicable. The IRS will send you an acknowledgment via email.
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