It did clarify that money purchase pension plans were eligible for the special rules. You may opt-out by. Hence, Canadian taxpayers will have something new to tackle when filing their tax returns in 2021. That’s the day when the IRS will start accepting and processing 2020 taxes. If you took a CARES Act 401(k) or IRA distribution in 2020 under the loosened rules for tapping your 401(k) penalty free, you can report all of the income on your 2020 tax return or in equal installments over three years. If you're due a refund from the IRS, it'll include both your full refund amount and whatever you're owed from the Recovery Rebate Credit. One out of five taxpayers don’t get their tax refunds by direct deposit. April 15 is the filing deadline for your 2020 federal tax return -- unless the IRS decides to postpone the deadline. File electronically and use direct deposit. If you picked up a side job during the pandemic, you have to include it on your tax return as self-employment income. The due date for first-quarter 2021 estimated taxes is April 15, 2021. Here's how to calculate the payments you were owed: Next, you'll want to check your bank account where your payments were deposited to determine the amount you received. If you have a hig-deductible health plan, you can contribute to a health savings account and get a triple tax benefit. Follow me on Twitter: @ashleaebeling and contact me by email: ashleaebeling -- at -- gmail -- dot -- com, © 2021 Forbes Media LLC. The good thing about filing your taxes early is that you don't have to pay your tax bill at the same time. You can provide routing information for up to three accounts—even retirement accounts—on your tax return to which the IRS can send your refund. But you have a handful of good reasons to beat that April 15 date, besides taking care of the filing burden sooner rather than later. Even though taxes for most taxpayers are due by April 15, 2021, you can e-file (electronically file) your taxes earlier. you won't be filing taxes for 2020, and you're still owed a stimulus check. VIDEO 1:03 01:03 Here are the 3 … Personal Finance Insider named H&R Block the best tax software in 2021. For those who are self-employed, or who have a spouse/partner who is self-employed, the deadline extends until June 15, 2021. The Internal Revenue Service has just announced that the 2021 tax filing season start date will be Feburary 12, 2021. The article "Tax Season Starts February 12: Why You Should File as Early as You Can" originally published on Grow+Acorns. Benefit 2: Since any missing stimulus check money is also tied to your tax return this time around, filing early will mean you get any missing stimulus money faster, too. The IRS should've sent you a letter within 15 days of issuing your stimulus check, however it was issued, and that letter should show how much money you received. This includes basic state benefits as well as the extra $600 weekly CARES Act federal pandemic benefits. The deadline isn't until April 15 to submit your tax return, but 2021 isn't the year to wait around to file. But there are also benefits for the tens of millions of people who'll be eligible for a third stimulus payment of up to $1,400 per person -- a stimulus check that may arrive sooner than you think. If you’re self-employed or have a spouse or a common-law partner who is self-employed, the deadline to file your taxes is June 15, 2021. You are a … If you’re expecting a refund and want to know when you might get it, the Where’s My Refund? © 2021 CNET, A RED VENTURES COMPANY. Unemployment benefits are taxable. 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