HUNTSVILLE, Ala. — This year, you must complete tax filing before or by April 18th. Before the dawn of covid, this was the standard. But ever since the virus came along and turned the world upside down, the IRS has pushed back this deadline.
In 2020, that deadline was pushed back to July 15. In 2021, it was May 17.
Although April is four months away, it's best to start thinking about filing your taxes now. We checked with the IRS and Alabama Department of Revenue for information you can use.
So, here are some tips to keep filing a little more stress-free.
- Round up all your papers.
All your receipts, documents, paperwork, bills, anything you may need to file. Put them together in a central location, like a binder or desk. so, when it's time to sit down and file, you don't have to tear through the house looking for one piece of paper.
- Have IRS documentation on-hand.
The irs recently sent out special statements to the millions of Americans who got child tax credit checks, so they can get the other half of their checks this year.
The child tax credit is normally calculated when you do your taxes but to help families during the pandemic, Congress increased the credit and gave families the option of getting half the credit in advance.
Alongside your W2, you should also have the child tax statement handy so you can receive the rest of your check.
RELATED: Here's why you should wait to file your taxes this year if you received the child tax credit
Why should you wait to file your taxes this year if you received the child tax credit?
Many families had the option of getting child tax credit checks last year. The child tax credit is normally calculated when you do your taxes but to help families during the COVID pandemic, Congress increased the credit and gave families the option of getting half the credit in advance. This was done in monthly payments delivered between July and December.
Now the IRS is sending special statements to the millions of Americans who got those checks. To get the other half you'll need that letter.
You will need to enter the information on your federal tax return to reconcile the amounts.
Married couples should expect to receive two separate letters. If you don’t get one, you can go to the IRS child tax credit website and check your information online.
The IRS is also sending a letter about the third round of stimulus checks sent out starting in March of last year.
Most people should have already received their payments. But if you didn’t or you got less than you were supposed to, that letter from the IRS will help you claim that money on your 2021 tax return.