EL PASO, Texas (KTSM) — You can already start filing your federal income tax returns for 2020, but the refunds will start coming in March.
Robert Mendez, owner of Mendez and Mendez Tax Service, said the IRS will open its transmission lines on Feb. 12, when they will start processing the filed tax forms.
“Don’t wait until Feb. 12, you can go ahead and start filing your income tax return,” Mendez said, saying you will be able to see an estimate of when your refund is coming by Feb. 22.
The refunds are expected to come no sooner than the first week of March, he said, and the deadline for filing your income tax is still April 15, but only if you owe to the IRS.
“It’s a common misconception that you have to file your taxes by April 15 if you are receiving a return,” explained Mendez.
You can request an extension for filing taxes until October 15 if you don’t owe to the IRS, he added.
For some, 2020 was the first year they received unemployment benefits. Mendez explained that unemployment has to be claimed on your taxes because it is considered taxable income.
Another new item for most on the 2020 income tax form will be the stimulus check or “recovery rebate.”
“If you did receive both recovery rebates, don’t claim it on your income tax return,” explained Mendez, adding that if you are eligible and didn’t get your stimulus check(s), you will receive them with your refund after filing a claim.
Mendez said the IRS is expecting more attempts of fraud this tax season due to the stimulus checks. He added if there is any attempt in trying to claim stimulus checks that were already received, it will be easily detectable by the IRS.
“I’ve always told all my clients – the IRS is a government agency you don’t want to mess with,” warned Mendez.