Pandemic continues to influence tax season, which begins Monday
There are several things you should know before filing this year
There are several things you should know before filing this year
There are several things you should know before filing this year
Tax season kicks off Monday, but the pandemic continues to impact filing.
The big takeaway this year is to not rush. Accountants suggest taking a second look to make sure all documents are in order, particularly those regarding COVID-19 relief payments.
鈥淭ypically, you鈥檇 want to wait until the early part of February unless you are 100% sure you have these items when you file,鈥� said CPA Joshua Jenson, founder of Jenson and Companies in Oklahoma City.
Jenson said the best way to avoid delays is to wait until you receive two letters from the IRS: documents for the third stimulus payment and the child tax credits.
鈥淥n your 2021 tax return, if you didn鈥檛 get the full amount, this is where you get the rest of those dollars that are due to you,鈥� he said.
Experts also advise taxpayers to take advantage of a new deductible this season.
鈥淭he new big deduction in 2021 that鈥檚 very exciting is that you can deduct up to $600 in charitable contributions directly on form 1040 even if you do not itemize your deductions,鈥� he said. 鈥淒o not miss that. It鈥檚 right there on Form 1040.鈥�
Jenson said that while the pandemic may have caused some returns to be delayed last year, he doesn鈥檛 expect things to be the same this year.
鈥淭he IRS has done a phenomenal job, as well as the Oklahoma Tax Commission, at where it鈥檚 possible, having their agents either work remotely or in a safeguard situation that allows returns to continue to be processed,鈥� he said.
Another thing to keep in mind before filing is that employers had until Jan. 21 to send W-2s.