If you owe a balance due to the IRS, you may still have a good reason to file your tax return as soon as you can. If you submit your return in the middle of January, you do not have to pay taxes you owe until the filing deadline. Preparing your Form 1040 early will give you time to arrange your payment.

How early can you start filing taxes?

Each year, the IRS issues a statement in early January with the first day to file taxes. Typically, the official date when you can file taxes falls in mid to late January. January 2021 update: The IRS announced it will start processing tax returns Feb. 12.

How early can you file taxes 2021?

Even though taxes for most taxpayers are due by April 15, 2021, you can e-file (electronically file) your taxes earlier. The IRS likely will begin accepting electronic returns anywhere between Jan. 15 and Feb. 1, 2021, when taxpayers should have received their last paychecks of the 2020 fiscal year.

Is it better to file your taxes sooner or later?

The quicker you file your taxes, the sooner you could see your stimulus money. We get it — filing a tax return isn’t a walk in the park, and this year doesn’t make it any easier with all the new tax rules brought about by the pandemic.

Why do I have to file tax return every year?

Let’s say you made less money in 2020 than in 2019, or you had a new baby in the last year. If the IRS calculates your sum based on your 2019 life circumstances, you’d miss out on the rest of the check for a year or more, by the time it’s processed.

What happens if I don’t file my taxes in 2020?

Any money you don’t get as part of the automatic payment you’d have to claim a year from now on your 2021 taxes . Let’s say you made less money in 2020 than in 2019, or you had a new baby in the last year.

What’s the fastest way to file your taxes?

Though you can still technically file your taxes by mail and request a paper check, the fastest way to get the money you’re owed is to file electronically and have funds deposited directly into your bank account.