Opening Day!

Today officially the Nation's Tax Season Opens. The IRS is now accepting completed returns via E-filing. And we at AM Income Tax are ready to assist you.

You should have already received your Tax Checklist to assist with the gathering of documents we will need to prepare your 2021 tax return. If you did not receive your checklist, please email us and we will send you a copy right away. We also have a general checklist posted on our website.

We are currently scheduling virtual/phone intake appointments for document exchange and review. Please feel free to contact us as soon as you have all your documents.

Below you will find key information from the IRS Official News Release taken from their website and Key Filing Season Dates;

Given the unprecedented circumstances around the pandemic and unique challenges for this tax season, the IRS offers key points that can help many people speed tax return processing and refund delivery while avoiding delays.

1. File an accurate return and use e-file and direct deposit to avoid delays. Taxpayers should electronically file and choose direct deposit as soon as they have everything they need to file an accurate return. Taxpayers have many choices, including using a trusted tax professional. For those using e-file, the software helps individuals avoid mistakes by doing the math. It guides people through each section of their tax return using a question-and-answer format.

2. For an accurate return, collect all documents before preparing a tax return; make sure stimulus payment and advance Child Tax Credit information is accurate. In addition to collecting W-2s, Form 1099s and other income-related statements, it is important people have their advance Child Tax Credit and Economic Impact Payment information on hand when filing.

• Advance CTC letter 6419: In late December 2021, and continuing into January, the IRS started sending letters to people who received advance CTC payments. The letter says, "2021 Total Advance Child Tax Credit (AdvCTC) Payments" near the top and, "Letter 6419" on the bottom righthand side of the page. Here's what people need to know:

  • The letter contains important information that can help ensure the tax return is accurate.

  • People who received advance CTC payments can also check the amount of the payments they received by using the CTC Update Portal available on IRS.gov.

  • Eligible taxpayers who received advance Child Tax Credit payments should file a 2021 tax return to receive the second half of the credit. Eligible taxpayers who did not receive advance Child Tax Credit payments can claim the full credit by filing a tax return.

• Third Economic Impact Payment letter 6475: In late January 2022, the IRS will begin issuing letters to people who received a third payment in late January 2021. The letter says, "Your Third Economic Impact Payment" near the top and, "Letter 6475" on the bottom righthand side of the page. Here's what people need to know:

  • Most eligible people already received their stimulus payments. This letter will help individuals determine if they are eligible to claim the Recovery Rebate Credit (RRC) for missing stimulus payments.

  • People who are eligible for RRC must file a 2021 tax return to claim their remaining stimulus amount.

  • People can also use IRS online account to view their Economic Impact Payment amounts. Both letters – 6419 and 6475 – include important information that can help people file an accurate 2021 tax return. If a return includes errors or is incomplete, it may require further review while the IRS corrects the error, which may slow the tax refund. Using this information when preparing a tax return electronically can reduce errors and avoid delays in processing.

Key Filing Season Dates

• January 24: IRS begins 2022 tax season. Individual 2021 tax returns begin being accepted and processing begins

• January 28: Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.

• March 15: Due Date to file 2021 S-Corp and Partnership returns.

• April 18: Due date to file 2021 tax return or request extension and pay tax owed due to Emancipation Day holiday in Washington, D.C., even for those who live outside the area.

• April 19: Due date to file 2021 tax return or request extension and pay tax owed for those who live in MA or ME due to Patriots' Day holiday

• October 17: Due date to file for those requesting an extension on their 2021 tax returns