February - 2021

NEWS & UPDATES

Tax filing season officially begins Friday. Here’s why you should file as soon as possible

Tax filing season officially begins Friday. Here’s why you should file as soon as possible

Tax season can be a pain but submitting your return to the IRS as soon as you’re able may be extra important this year. That’s because the coronavirus pandemic has led to changes in the tax code that will impact individual returns and refunds. The season is also shorter than usual this year. The IRS will start accepting and processing tax returns on Friday, Feb. 12, and so far, has made no indication that it will also delay the April 15 filing deadline — an additional incenti

Want a bigger stimulus check? Consider filing your tax return early

Want a bigger stimulus check? Consider filing your tax return early

For many Americans, income in 2020 was lower than it was in 2019 because of the pandemic-induced recession. And because the stimulus payments of up to $1,400 per person will have limits based on household income, it matters which year the payments are based on. So why would it matter when you file your tax return? That's because Congress is likely to tell the IRS to use 2019 or 2020 income -- whichever the government has when the payment is made, according to the Senate Finan

5 ways COVID-19 could affect your tax return

5 ways COVID-19 could affect your tax return

Amid the pandemic, everything looks different — even something as inevitable as tax season. In fact, the pandemic may affect the way you pay your taxes this year. NBC News senior business correspondent Stephanie Ruhle answered some of the most common questions about what tax changes you might need to know about. 1. When can I file my taxes this year? The IRS will start processing taxes on Friday, Feb. 12. This is later than in previous years, which Ruhle said means "more peop