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Today is the day Americans can start submitting their tax returns to the IRS for acceptance.
The deadline for filing your taxes is also different this year.
Instead of being on April 15, it’s now April 15 due to Emancipation Day being honored in Washington D.C. on April 15.
Americans saw an 11% increase in average refunds in 2021, making them around $2,775.
There were some serious delays for the 2020 tax returns in 2021, with some Americans not seeing their refunds until Nov. of 2021.
What you get back depend on your own situation, including income, dependents you can claim, and tax credits.
IRS: Avoid these issues when filing tax returns
The IRS and tax returns 2022
The e-filing portal for submitting tax returns is opening today, Jan. 24, 2022.
In 2021 the acceptance of tax returns by the IRS was pushed back to Feb. 12, 2021.
The was to test its systems and improve programs to help avoid delays, which still happened.
IRS: Tips for submitting tax returns next week
IRS will impose penalties on those who fail to file taxes
You could face hundreds of dollars in penalties for failing to file your taxes on time.
This is called the “Failure to File Penalty” and you receive it in the form of a letter from the IRS.
You can see a penalty of 5% on unpaid taxes at first, but it can increase to 25%.
After 60 days you will pay a $435 fine or 100% of your owed taxes, whichever ends up being less.
