(WTNH) — Even though tax season has been delayed, you still might want to file early. You are encouraged to file electronically.
The delay to Feb. 12 rather than late January was brought about by changes to tax laws and outgoing stimulus payments.
The IRS says it needs to do programming and testing of IRS systems following the Dec. 27 tax law changes that provided a second round of economic impact, payments and other benefits. There are a few other changes to know about, including parents of newborns being able to receive additional money due to changes mandated by Congress.
“The first round, when we got $1,200 each, they went off of 2018 tax returns. The second one that we just got was off 2019 tax returns. That would make sense if you did have a child in 2020, they would have to catch up on that,” Mike Doherty.
So, parents of newborns can benefit. In addition to that, this year, a lot of people will end up having to obtain their stimulus money through their income tax return-the IRS has added a special form for that.
Cash donations of up to $300 made to charity are now deductible. Previously, you could only take a charity contribution as an itemized deduction.
If you do file electronically, the IRS is estimating that 90% of taxpayers will receive their refund within 21 days. But if you mail it in, it could take much longer.