Since May, the IRS has been sending tax refunds to Americans who filed their 2020 return and reported unemployment compensation before tax law changes were made by the American Rescue Plan. If you received unemployment benefits last year and filed your 2020 tax return relatively early, you may find a check in your mailbox soon. With The Latest Batch Uncle Sam Has Now Sent Tax Refunds To Over 11 Million Americans For The $10200 Unemployment Compensation Tax Exemption Are you looking to maximize your tax returns? Or are you worried about how much money you may owe the IRS? Luckily, there are resources available that allow you to compare the best tax relief companies. Some people find it important to consider your specific circumstances when choosing a tax relief company. If you are looking for professional help with regards to your tax returns, there are many options available. Even though many tax refunds have been delayed due to understaffing at the IRS, correctly filing a tax return can improve your chances at receiving the proper funds the following year. ![]() While tax payers have the option to file taxes themselves, there are many complexities with tax filing that are hard for the untrained eye to manage. This is becoming more challenging as there has been a lot of new tax legislation introduced. There is no guarantee that the 2021 tax year will be any easier! With these recent challenges, it is of the upmost importance to make sure that taxpayers are filing their taxes correctly. How About Next Years Tax ReliefĬovid-19 has made two straight tax years a challenge for both the IRS and taxpayers. IRS staff is reviewing tax returns one by one and will let you know whether youll get the extra funds. Taxpayers do not need to call the IRS nor file an amended tax return. The IRS said it continues to review tax returns, and plans to issue another batch of adjusted refunds before the end of the year. This last correction batch positively impacted more than 519,000 tax returns, with 430,000 taxpayers receiving refunds averaging $1,189, the IRS said. So far, the IRS has issued more than 11.7 million refunds totaling $14.4 billion. The IRS estimates more than 16 million taxpayers may be eligible for the adjustment and can access it without filing an amended tax return. Some people paid their taxes in advance in 2020 or filed their tax returns in March, so they would be compensated for the money they overpaid. Under the American Rescue Plan Act, passed last March, officials made adjustments to the taxes owed for unemployment the benefits people received and determined the first $10,200 would be tax-free. ![]() People who received unemployment benefits last year and filed tax returns on that money could receive the extra funds, the IRS said in a press release.
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