2020 Tax Filing Season Pushed to February 12
The Internal Revenue Service has pushed back the 2020 tax filing season to begin February 12, 2021. The decision comes at the heels of the second round of Economic Impact Payments and the December tax law changes.
The delayed filing date gives the IRS more time to process remaining stimulus payments and ensure tax refunds are issued quickly. “Planning for the nation’s filing season process is a massive undertaking, and IRS teams have been working non-stop to prepare for this as well as delivering Economic Impact Payments in record time,” says IRS Commissioner Chuck Retting.
As of now, the April 15 filing deadline has not changed.
What to do in the Meantime
On the bright side, it means you have more time to prepare for the tax season. Regardless of being an early or late filer, it’s smart to collect your tax documents now. Make a list of what you’ll need when the day comes, and start checking off your items.
In light of the pandemic, the 2020 tax season is one of the most important tax filing seasons. With many Americans working from home during 2020 and other drastic changes, tax filers may be exploring the opportunity for additional deductions.
When you prepare ahead of time, you have more opportunity to be thorough without the urgency of a pressing deadline.
Lean on Reputable Resources
Check with your financial institution for tax filing resources and discounts. Credit unions usually offer programs that provide member discounts. First Florida Credit Union members receive a member discount with TurboTax through the Love My Credit Union Rewards program. It’s a free benefit to members and comes in handy when it’s time to file.