• Tax filing season opens in a little less than two weeks. Friday February 12, 2021 is the first day that the IRS will begin to accept tax returns filed by taxpayers for the 2020 tax year.  If you have all your tax documents early and are due a refund, get your tax return submitted to the IRS soon and beat the filing season rush.
  • Do you need to file a tax return for your children or your parents this year? Save money by filing their taxes yourself using the IRS on-line service.  The IRS offers free e-filing for taxpayers on their website.  To qualify for this service, your income needs to be $72,000 or less.  You can even prepare your state income tax return through this site as well.  The link to the IRS Free E-file is:

Free File: Do your Federal Taxes for Free | Internal Revenue Service (irs.gov)

  • Another taxpayer convenience offered by the IRS on their website is the option to pay federal estimated tax payments directly online. Taxpayers can set up a direct debit payment to be paid straight from their bank account via EFT.  Go green and avoid the trip to the post office.  The link to pay your federal estimated tax payment online electronically is:

Direct Pay | Internal Revenue Service (irs.gov)

  • If a taxpayer finds themself owing more in federal taxes than expected when their tax return is completed, or as a result of a tax notice or audit, the IRS allows taxpayers to set up a monthly payment plan to pay off their remaining tax balance due over time. Taxpayers can quickly set up an IRS Installment Agreement to make monthly payments until their tax balance owed is paid off.  The IRS accepts the monthly payments either by check ($149 IRS set up fee) or via direct debit ($31 IRS set up fee) from the taxpayer’s bank account.   A federal tax payment plan can easily be applied for and set up if needed on the IRS website at the following link:

Online Payment Agreement Application | Internal Revenue Service (irs.gov)

 

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