The envelopes are arriving every day. W-2’s, 1099’s and other forms are showing up and homeowners are thinking about filing their taxes.
Let’s face it, last year was a wild ride with stimulus payments, and new, lesser-known credits made available, so how will this year be different?
Timing
According to the Internal Revenue Service, the first day to file 2021 tax returns is January 24 which is important to note because that’s a full two weeks earlier than last year.
Why the earlier start? Very simply, there are major staffing shortages and aging technology that are creating backlogs. Experts are advising taxpayers to file early and file electronically. The actual deadline is Monday, April 18.
Getting your ducks in a row is important this year more than ever, but before you rush to file, take the time to make sure you are taking advantage of these new and often-missed tax strategies to maximize your tax refund.
Top Strategies
- Make sure you are properly claiming children, friends or relatives you’re supporting.
- If you can itemize, don’t take the standard deduction.
- Don’t forget to deduct your charitable contributions, even if you don’t itemize.
- If you missed a stimulus payment, make sure you claim the recovery rebate.
- Fully contribute to your retirement or other qualified plans.
- Examine all credits to see if they could apply to you.
CHECK HERE for a complete list of IRS TAX TIPS.
Georgia State Tax Return
- Georgia tax workers will begin processing 2021 individual income tax returns on February 1.
- It may take up to 90 days from the date of receipt by DOR to process a return and issue a refund.
- All first-time Georgia income tax filers, or taxpayers who have not filed in Georgia for at least five years, will receive a paper check.
State income tax returns are due April 18. You can find more information and track your return here.
Karen is a real estate agent that adds a lot of value to your experience as a homeowner. Covering everything from home improvement to taxes, she is here to help. If you are ready to find your next home, or are considering listing your home, get in touch with Karen. She would love to help you with your plans.
