With less than a month until the IRS tax deadline, more than 63 million Americans have already filed.
If you’re not part of this group, here’s what you need to know about the process.
So far, it has paid off to file the tax on time.
Americans with refunds pocket an average of $3,352.
What is the 2021 tax filing deadline?
Individual tax returns are generally due by April 15th.
However, April 15 this year falls on a Friday that marks Emancipation Day in Washington, DC.
Emancipation Day, which commemorates the abolition of slavery, is usually April 16, this year a Saturday. All public offices will therefore be closed on Friday, April 15, 2022.
Given these factors, the deadline for filing taxes for 2021 is Monday April 18, 2022.
There are a few exceptions.
Those in Maine and Massachusetts have until April 19 due to the Patriot Day holiday in those states.
Rough weather has also impacted the deadline, with the IRS announcing extensions to May 16, 2022 due to deadly tornadoes in Tennessee, Illinois and Kentucky.
The May 16 extension was also granted to Colorado residents who suffered wildfires during the winter.
What happens if you miss the tax deadline?
If you are expecting a refund, there is no penalty for filing federal taxes after the deadline.
However, if you are in debt to the IRS, penalties and interest will be charged for unpaid taxes after the filing deadline.
The IRS calls this the penalty for failure to file a file.
The fee is 5% of the tax due for each month that you are in arrears.
Fees can increase by up to 25% if you are more than 60 days past due.
What’s the quickest way to get your tax refund?
The IRS strongly encourages applicants to choose direct deposit over mailed checks.
If you use Direct Deposit, your return can be sent to a bank account, prepaid debit card or mobile app as long as the correct account and routing numbers are provided.
How soon will you receive your refund?
According to the IRS, if you file electronically and choose to deposit directly, you can expect your return in three weeks, assuming there are no other issues.
Applicants who are eligible for the child tax credit or the income tax credit should be aware that the IRS cannot issue these refunds until mid-February.
This is to prevent fraud.
However, applicants who qualify for these credits, along with everyone else, can still start submitting on January 24th.
How can you track your refund?
You may want to know your exact refund date. The average applicant has received $3,352 to date.
If it has been more than 21 days since your filing, the IRS encourages you to contact them.
If you are still within 21 days you can use the IRS tracking tool online.
To check your refund status online, you’ll need to provide your social security number, claim status, and estimated refund amount.
Topic 152 refund information
On rare occasions, if you are a filer using the IRS tracking tool online, you may see the status of your refund as “Subject 152”.
Subject 152 is the IRS reference code that indicates your refund may take longer than the normal 21 days.
The Topic 152 code does not necessarily require additional information.
At the very least, this could mean that your refund needs further verification and no further action is required on your part.
The US Sun also went into more detail on tax deadlines.
We also explain why your tax refund may be lower in 2022.
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https://www.the-sun.com/money/4753055/where-is-my-irs-tax-refund/ Where is my IRS refund? What you should know about tax issue 152 as millions receive $3,352 on average