4. Ready till the final minute to file your return
Final yr, the IRS prolonged the tax-filing deadline to July 15 in mild of the coronavirus pandemic. This yr, nonetheless, it is unlikely to do the identical. The pandemic has been with us since early 2020. Taxpayers ought to theoretically have loads of time to finish their returns by mid-April.
Nonetheless, this is not the yr to procrastinate. Many filers’ monetary conditions modified in 2020, and the demand for tax prep assist could also be larger than traditional. If you’d like help along with your return, line it up nicely forward of the deadline.
5. Submitting a paper return
The IRS remains to be within the means of catching up on paper returns that had been filed in 2020. Granted, the company additionally closed its places of work for a lot of final yr after which got here again to piles of mail it needed to type by way of. Whereas we can’t essentially see the identical paper backlog in 2021, you are still higher off submitting your taxes electronically. Not solely will that scale back your probabilities of making an error, however it is going to additionally assist expedite your potential refund.
The U.S. economic system is in shambles, and there is a pandemic raging. The very last thing you want is a tax headache. Avoiding these errors will take one potential supply of stress off the desk.
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