Tax Filing Season is a Little Later This Year

What to know and dates to remember.

Recently, the Internal Revenue Service (I.R.S.) announced that tax season will start a little later than usual. This year the I.R.S. will begin accepting and processing 2020 individual tax returns on Friday, February 12, 2021. (1)

In light of the December 27 tax law changes which brought a second round of Economic Impact Payments and other benefits to many, the I.R.S. will use this additional time to update, program, and test their systems. (1)

However, if you intend to work with a tax professional or use tax software, there's no need to wait. If you prepare your return now, not only will you have your taxes done and out of the way, but your filings can be transmitted to the I.R.S. starting February 12. (1)

Even with this new date in mind, your deadline to file is still April 15. To request an extension, make sure you do so by April 15. This may grant you until October 15 to file your 2020 tax returns. However, this is an extension for filing only. The I.R.S. still requires you to pay any taxes due by the original filing date of April 15. (1)

Filing one’s tax returns can be a complicated and sometimes daunting process. If you have questions regarding your personal situation, please consult your CPA or a licensed tax professional.

Want More? Click here to download a “2021 Tax Guide” to help prepare for the upcoming tax season.

1 - IRS.gov, January 15, 2021

Disclosure: Gilbert & Cook, Inc. does not provide tax or legal advice. For advice regarding your individual tax situation please consult with a licensed tax professional.