SAN ANTONIO – Tax season is right around the corner, and you’ll want to be prepared for some of the changes coming this year before you file.
The Internal Revenue Service will start to process 2020 tax year returns on Feb. 12, 2021.
The IRS will use the time before tax season to test its systems due to some tax law changes last year.
With tax season approaching, the IRS is offering the following tips:
- The agency says you should file your taxes electronically and use direct deposit to get your refund faster. IRS Free File opened on Jan. 15, so you’re able to begin filing your return now if you have all the documents you need.
- If you’re eligible for a stimulus payment, make sure to review the Recovery Rebate Credit guidelines carefully. The IRS says tax preparation software should help you determine what you’re due if you are eligible.
- Any advanced stimulus payments received separately are not taxable, and they won’t reduce your refund when you file in 2021.
- The IRS says the “Where’s My Refund” tool will be updated on Feb. 22 for those claiming the Earned Income Tax Credit and Additional Child Tax Credit.
The deadline to file your 2020 tax return is April 15.