Tax Season Has Started – What to Expect and Ways to Scan Your Documents
The deadline for federal tax returns for the 2021 tax year is April 18, 2022. However, that’s no reason to wait until the last minute. Your tax filing experience may change from year to year as your financial situation changes and the IRS changes its rules.
Tax deductions are needed to reduce how much money you need to send the IRS. You may have new deductions this year that you have not used in the past. Or maybe there are ways you can save that you are not aware of. Tap or click here to view eight tax deductions to get you started.
Although the deadline is still a few months away, you can start filing tax returns now. The IRS began accepting and processing returns for the 2021 tax year on January 24. Keep reading to find out what to expect this year and how to easily scan your important documents.
Here’s the backstory
The IRS is experiencing bottlenecks in processing returns dating back to 2019. As of December 31, 2021, the IRS 6 million unprocessed individual tax returns. This is the result of “significantly more errors on tax returns” and returns that require the attention of IRS employees.
The agency highlights the Earned Income Tax Credit (EITC) and the Supplemental Child Tax Credit (ACTC) as part of the complications. As a result, refunds take more than 21 days and in some cases up to 120 days.
This means you need to get started on your 2021 return as soon as possible, or you could be delayed in claiming the remainder of your child tax credit and the remaining incentive funds.
The IRS expects most taxpayers to receive their refund within 21 days of electronic submission unless there are problems with their tax return. The IRS recommends that you use electronic filing to avoid delays and take advantage of the: information letters provided by the agency to prevent errors.
These include a Child Tax Credit letter and an Economic Impact letter, sent in December and January.
You have four options for submitting your tax return electronically:
More information about these methods can be found at: irs.gov/filing/e-file-options.
Please note that submitting data using online tools such as the Child Tax Credit Update Portal may require you to provide more personally identifying information in the future, including a selfie. Tap or click here for our report.
Scan your documents
You can scan important documents into a digital format with your phone or tablet for easy uploading when filing taxes. You don’t need any third-party software.
Scan documents with your iPhone:
Open the Files app. Tap the three-dot menu icon. Tap Scan documents. Tap Save when you’re done. The file is saved as a PDF in the Files app.
To scan documents with your Android phone using the Google Drive app:
Open the Google Drive app. Tap the blue plus icon. Tap Scan. Tap OK if the image is correct, then tap Save. Choose a folder to save the document and tap Save.
True or False: The Federal Government Tracks Payments to Friends and Family Over $600
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