Want your refund quickly? File electronically and find out more of what you need to know about filing your taxes this year with Newsymom!
We’re in the thick of tax season! And due to the widespread staffing shortages, the IRS is encouraging all filers to be timely and accurate for you to receive your refund quickly! Filing via paper method or reporting items that don’t match up with what they have on file will cause them to be sent to the backlog where it will sit for months, leading to a longer refund wait time for you.
To avoid all that hassle and delay, read up on the things you need to know to ensure your refund is processed correctly and get your refund faster!
What You Need to Know Before Filing
Forms You’ll Need to Gather for Filing Your 2021 Taxes:
- Form W-2–you get from your employer. This form shows how much you were paid in 2021 and the taxes you withheld.
- Form 1098–shows how much you paid in interest on a mortgage or student loan.
- Form 1099–reports income that you made working as an independent contractor or from unemployment benefits. You might also receive Form 1099-INT, which reports savings account interest earnings or Form 1099-K from cryptocurrency exchanges.
- Form 2441–reports your child and dependent care expenses**
- Letter 6419–tracks the Child Tax Credit payments
- Letter 6475–tracks the Economic Impact Payments
**For the 2021 year, you may be eligible to receive 50% of your child and dependent care expenses, up to $4,000 for one child and $8,000 for two or more. This substantially generous credit is thanks to The American Rescue Plan Act of 2021. Check your eligibility here: Eligibility Requirements.
Important Dates to Know:
- January 24: The IRS started accepting and processing 2021 tax returns.
- April 18: The deadline to file your 2021 tax return or request a six-month extension. You’ll still need to pay any taxes you owe to avoid penalties or fees.
- October 17: Deadline to file your 2021 tax return if you requested a six-month extension.
Free Filing Options for Qualified Filers
- If you make under $73,000 (for a single person), you can qualify for an online Free File for your federal return.
- If your preference is to file with a preparer in person, you could file for free with VITA. The Volunteer Income Tax Assistance program (VITA) allows eligible filers to file free with an IRS-Certified volunteer if you meet one of these requirements:
- Earn moderate income or less (under $54,000)
- Be disabled
- Not speak English well
- Be a senior citizen
State Taxes
The State of Ohio Department of Taxation issued a notice to all Ohio filers, urging them to reconsider paper filing. Paper filing can take up to three months to process due to computerized systems reducing their staff over the last ten years by 40%.
To file online for free, you can use Ohio I-File.
To see if Ohio I-File is right for you, visit Online Services FAQs.
Get started on filing your taxes sooner, rather than later for a speedy return. Happy filing!
Melissa Klatt
Reporting