March Topic of the Month: What do I need to get done by when? Preparing for tax season

Kevin Orsinger |

The past two years have been upended by a global pandemic. Though we’ve found ourselves back to some semblance of normalcy, the influences were evident in the 2020 tax season, and the 2021 tax season will be no different. Here’s what you need to know for the coming tax season.

You have until April 18to file your taxes this year, but you may not want to wait too long to begin, as the IRS says to expect delays this year. The best way to avoid delays is to submit error free documents and sign up for a direction deposit for your refund. The IRS predicts that refunds made via direct deposit should reach 90% of taxpayers within three weeks.

To file your taxes, you may need a few common records such as:

  • W-2 from your employers
  • Forms 1099 for other sources of income, such as from your retirement plans, banks, unemployment benefits, and so on
  • Form 1098: Mortgage interest statements
  • Letter 6419 to reconcile advance Child Tax Credit payments with the amount you’re still owed
  • Letter 6475 to reconcile stimulus payments via the Recovery Rebate Credit

The Child Tax Credits and stimulus checks make the filing process more difficult, but there is a potential you’ll receive an additional refund. These will impact each person differently, and the best way to make sure your taxes are properly prepared is to work with your financial advisor, accountant, or tax preparer.

We’re happy to help you make sure you have the documents you need and understand the process based on your unique financial situation. Call Orsinger Investment Group, Inc. at (724) 588-9067 to set up a conversation about your tax preparation!