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Tax Season FAQs

Person using a calculator and writing on some documents with their laptop open in front of them

 

TIt’s that time of the year again—tax season. Everyone here at Marinette Insurance and Financial Services LLC wants to make sure our clients have everything they need to file their taxes properly. To help make sure you’re ready for the 2021 tax season, review the answers to some of the most frequently asked tax return questions.  

Do I need to hire a tax preparer? 

Whether you should hire a tax preparer is a personal decision that only you or your family can make. There are a wide variety of software tools and professional services that you can use to make filing your taxes easier, especially if you only have a Form W-2 and no itemized deductions.  

However, if you’ve had significant life changes or a change in filing status (e.g., married, divorced, or added a dependent), or are filing for the first time, it may be best to work with a professional tax preparer.  

Additionally, if you’re self-employed or own your own business, filing taxes can be complicated and confusing, and it may be easier to hire a professional tax expert for help.  

How do I determine my filing status? 

To determine what your filing status may be, please visit the IRS website.  

When should I file my taxes?  

For the 2021 tax season, taxes can be filed as early as Jan. 24, 2022, but no later than April 18, 2022. Maine and Massachusetts taxpayers have until April 19, 2022, to file their taxes due to the Patriots’ Day holiday in both states. Although the tax deadline typically falls on April 15 of each year, the April 15 observance of the Emancipation Day holiday in the District of Columbia has pushed the deadline back to the next business day (April 18). If you can’t file your taxes on time, you must file Form 4868 by April 18 to request a six-month extension.  

In past years, the tax filing deadline had been extended due to the COVID-19 pandemic. As of Jan. 17, 2022, there have been no such extensions granted for this year.  

Should I file my taxes early? 

Filing your tax return early may help eliminate the need to file an extension. Additionally, if you’re eligible for a tax refund, filing early may result in you receiving your refund faster. The IRS is warning taxpayers that there may be delays in processing filings and issuing refunds due to labor shortages amid the COVID-19 pandemic.   

Where do I file my taxes? 

You can find out where to file taxes in your state by visiting the IRS website. You can also file your taxes online. 

What should I do if my address has changed? 

You will need to notify the IRS of your change of address. There are several ways to inform the IRS of your change of address, including: 

  • Tax returnUse your new address when you file. 

  • Written statementSend a signed written statement with your full name, old address, new address and social security number, ITIN or EIN. Mail your signed statement to the address where you filed your last tax return. 

  • Oral notificationTell the IRS in person or by telephone. Have your full name, address, date of birth and social security number, ITIN or EIN. 


When can I expect my refund? 

How quickly you will receive a refund, if you’re eligible for one, depends on how you’ve filed your taxes and how you’ve elected to receive a refund. If you’re filing on paper, you can expect to receive a refund in about six to eight weeks after the IRS receives your return. If you file online, your refund may be issued in less than three weeks. In both situations, if you’ve requested your refund be remitted to you via direct deposit, it may be even faster. 

The IRS is warning taxpayers that refunds may take longer to process due to the labor shortages caused by the COVID-19 pandemic. Additionally, if you submit taxes later on in tax season, there may be a delay due to the volume of filings.  

Use the Where’s My Refund? Tool on the IRS website to get an update on your refund status. 

How can I avoid IRS tax scams? 

Unfortunately, new scams always arise during tax season. Always treat suspicious or unexpected communications from supposed IRS officials with a healthy amount of skepticism. The IRS does not contact taxpayers by phone, email, text message or social media, so you can safely ignore any requests through those channels. Read their fact sheet here to know when it is really the IRS calling or knocking on your door. 

 

Marinette Insurance and Financial Services, LLC does not give tax advice. For specific questions regarding your tax documents, we recommend speaking with a tax professional. 

 

Marinette Insurance and Financial Services, LLC does not give tax advice. For specific questions regarding your tax documents, we recommend speaking with a tax professional.

 

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