The 2022 tax filing season is here.
The IRS started accepting returns on Jan. 24. The due date for most individual returns is April 18. People and businesses in a number of federally declared disaster areas have until May 16 to file and pay taxes. Calendar-year regular corporations (C corps) must also file by April 18. The deadline for calendar-year S corporations and partnerships is March 15.
E-file your return early to help protect yourself from tax-related identity theft.
Thieves who use stolen taxpayer identification numbers on fraudulent returns to seek improper refunds typically file the phony returns early in the filing season so that the Service receives them before legitimate taxpayers file their returns. If you file early, your return will likely arrive at IRS before a fake return does. You may want to apply for an identity-protection PIN as extra protection from identity theft. The IP PIN is a six-digit number assigned by the Service to help verify a taxpayer’s identity on returns filed either on paper or electronically. To apply for an IP PIN, use the “Get an Identity Protection PIN” tool on IRS’s website. IP PINs are valid for one calendar year, so you can’t use the one you had last year.
Want to electronically file your return but don’t want to pay for it?
IRS has two options. The agency’s Free File program lets taxpayers with adjusted gross income of $73,000 or less use free commercial tax software to prepare and e-file returns. (Note some of the firms set lower AGI requirements.) The Service’s Free File Fillable Forms are for people with higher AGIs who are knowledgeable about the changes in the tax laws and who are comfortable preparing their own returns. Although this second program does math calculations, it won’t ask a set of questions to determine which forms you need to file. Go to www.irs.gov/freefile to access both Free File and Free File Fillable Forms.
The fastest way to get a refund is to file early, file electronically… And request for the money to be deposited directly into your account.
These steps are more important than ever. IRS, taxpayer advocacy groups and accounting organizations are already warning that this year’s filing season will be another nightmare, akin to last year. If you file a paper federal tax return or request your refund in the form of a paper check, there is a very good chance you could be waiting months before you see the money or even know that IRS has received or processed your return. This can be very frustrating for taxpayers.