Bookmark important tax resources and online tools to have on hand while filing this year.
The Internal Revenue Service is encouraging taxpayers to use the available IRS online tools to find the information they may need to file their 2021 federal tax returns. These are especially important for Economic Impact Payments and advance Child Tax Credit payments. Taxpayers are encouraged to file their 2021 tax return electronically, especially if they do not normally file a return, and can avoid making errors by using tax preparation software or a tax professional to help guide them.
Filing an incomplete or inaccurate return can delay your tax return from getting to you. At Bryson Accounting and Tax Service, L.L.C., we have the experience you need to feel confident your return is filed properly, and you are receiving all the deductions and credits you have earned as a taxpayer. The IRS has online tools available at IRS.gov, to find information about your accounts, get answers to tax questions, or file and pay taxes.
Recovery Rebate Credit/ Economic Impact Payments
If you did not qualify for the third Economic Impact Payment (EIP) or if you received less than the full amount, you could be eligible to claim the Recovery Rebate Credit. You will need to know the amount you received for the third EIP you received to calculate the correct 2021 Recovery Rebate Credit when filing your 2021 tax return. Letter 6475 will be sent out by the IRS later this month with the total amount of the third EIP received, and this information can also be viewed using your IRS.gov Online Account.
Advance Child Tax Credit Payments
You must know the total amount of advance payments you received in 2021 to compare them with the full amount of the Child Tax Credit when filing your 2021 tax return. If you received advance payments, you can access the total amount of payments you received via your IRS.gov Online Account. If you did not receive monthly advance payment, you can still receive a lump-sum payment by claiming the Child Tax Credit on your 2021 federal income tax return, even if you do not normally file a return.
Interactive Tax Assistant
Visit the IRS’ Interactive Tax Assistant (ITA) to get answers to general tax law questions, determining types of taxable income, and finding eligibility for tax credits and deductions. If you cannot find the information you need through the ITA, give Bryson Law Firm a call and set up an appointment today. We have offices throughout Louisiana and now in Texas that are here to help!
Using your IRS Online Account is a great way to see important information while preparing your 2021 tax return. You can view the amount you owe in taxes, make and track payments, and view payment plan details. You are turn on email alerts for when the IRS sends you a digital notice and access information about Economic Impact Payments and advance Child Tax Credit payments that are needed for your tax return.
Where’s My Refund?
Check the status of your refund by using the IRS “Where’s My Refund?” tool. Within 24 hours of the IRS accepting your e-filed return or up to four weeks after receiving a paper return, you’ll be able to check the status.
Set up direct deposit to access your refund quicker than a paper check. Individuals can use bank accounts, prepaid debit cards, or mobile app to use direct deposit and will need routing and account numbers to set it up. Learn more HERE.
All taxpayers can file electronically for free. The IRS offers their Free File program starting on January 14th. Taxpayers that earned less than $73,000 or less in 2021 may qualify for Free File guided tax software that does all the work of finding deductions, credits, and exemptions.
Keep up with the latest tax news this tax filing season with our weekly blog posts and social media pages. Headquartered in Lafayette, Louisiana, we have offices throughout the state of Louisiana, as well as Houston and Austin, Texas.