IT'S JUST two days before the annual tax-filing frenzy on February 12 – and it's more important than ever to get your's filed early.
The Internal Revenue Service will begin processing tax returns this Friday, which is the earliest date you can submit from.
As this year includes claims for missed stimulus payments, it's set to be a hectic tax season.
The IRS say 90% of its filers will receive payment in 21 days or sooner, and they are able to gain updates on their refunds via the 'Where's My Refund' online tool.
You can still qualify for a stimulus payment if you're a nonfiler who is not paying taxes, but tax returns are a crucial decider in the total sum you receive this year.
The sooner your taxes are filed, the better.
As well as ticking it off your 'to-do' list before the April 15 deadline, your tax return can be processed sooner meaning you receive your refund quicker.
If you missed out on any stimulus check payments, the money has to be claimed when filing your taxes this year as a Recovery Rebate Credit.
Both arrive as part of the same payment, so it is important to start the process of both claims with plenty of time.
Tax-filing season is also a time of renovation, presenting an opportunity to set up a direct deposit with the IRS and remedy any account errors.
Those with direct deposits linked to the IRS have generally received their stimulus payments faster than others receiving the checks in the mail, so it's likely to be this same this time around.
It will also help answer the questions of who now qualifies for the potentially "targeted" check.
According to the House Committee's latest proposal, the IRS plan to base the third coronavirus relief payment on Americans taxes from 2019 or 2020, whichever is most recent.
Any money not provided in the automatic payment would have to be claimed next year when filing taxes for 2021.
If you owe the IRS money, your Recovery Rebate Credit will go towards the debt.
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