IRS Reminds Taxpayers With October Filing Extensions to File ASAP

Taxpayers with a six-month tax filing extension have until October 17, 2022 to file their 2021 tax returns. However, the IRS recently issued a reminder that taxpayers need not wait until the October deadline to file their returns if they have the information necessary to file an accurate return. Filing sooner rather than later means that taxpayers who are owed a refund will receive that refund faster, and taxpayers who owe additional tax can avoid additional penalties and interest. According to the IRS' announcement, taxpayers who are waiting for their 2020 returns to process can enter "$0" for their 2020 AGI on their 2021 return in order to file sooner. The IRS also encourages taxpayers to file electronically in order to ensure their return is processed quickly and to use direct deposit to receive their refunds as soon as possible. For more information on the federal tax filing requirements, visit Tax Facts Online. : Q 647