The Internal Revenue Service (IRS) announced earlier this month that the official start of the federal tax season will be Monday, January 24, 2022, "when the tax agency will begin accepting and processing 2021 tax year returns." [IRS Newsroom]

As we enter the tax filing season, Gehman Accounting would like to spotlight a couple of key things to watch for this tax season.

Deadlines

Different entities (individuals, corporations, farms, etc.) have various tax filing deadlines. Here are a few to keep in mind:

• January 31, 2022 - Form 1099 Deadline
• March 1, 2022 - Farmer Tax Deadline
• March 15, 2022 - Partnership/S-Corporation Tax Deadline
• April 18, 2022 - Tax Day 2022

IRS Reminders

The IRS reminds taxpayers that filing electronically with direct deposit rather than filing a paper return will speed up processing time and you may receive your tax refund more quickly.

Because of additional stimulus payments sent out in 2021, the IRS is sending letters to each recipient with the total payout information they have for each taxpayer who benefited from the stimulus programs. These stimulus programs include 1) the Advanced Child Tax Credit and 2) the Third Economic Impact Payment sent out in January 2021. "Both letters include important information that can help people file an accurate 2021 return." [IRS Newsroom] Please keep these letters with your 2021 tax information, as it will aid your tax preparer in filing your tax return accurately.

About Gehman Accounting

The Gehman Accounting team takes time to get to know you and understand your business. We work with you on solutions you need, whether that's expert business advising, software, accounting services, bookkeeping, tax preparation, payroll services or help with a new business startup.