IRS Accepting Tax Returns Beginning January 24th
The IRS announced it will begin accepting 2021 federal tax returns on Monday January 24th. This year’s deadline to complete them will be on April 18th and according to the agency, the January 24th start date will ensure it’s systems run smoothly. This year, the agency must make sure that eligible taxpayers receive the correct amount of the Child Tax Credit. The American Rescue Plan also increased the amount qualified taxpayers can get and makes the credit fully refundable so taxpayers get the full amount even if it exceeds how much they owe in taxes. Taxpayers will receive the remaining half of their Child Tax Credit after filing for their 2021 return. The IRS will also have to calculate if any taxpayers should receive the $1,400 per person stimulus distributed in March and April also as part of the act. Eligible tax payers who didn’t receive it can claim it on their tax return.