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Should I bother filing taxes in 2021?

With the 12 months coming to a detailed, many civic-minded folks usually begin to consider tax-filing season proper round now. However for thousands and thousands of taxpayers who’re nonetheless ready for his or her refunds from 2020 and even 2019, tis the season to throw up their palms and yell why bother.

That’s the query lots of people are asking themselves after a chaotic tax season marred by unprecedented delays and large backlogs. When you’ve scrolled by means of on-line boards devoted to the difficulty these days, you’ve little doubt seen numerous posts like this one, in which one taxpayer proclaims, “I don’t need to do my 2021 taxes if I haven’t acquired my 2020 taxes.” The publish attracted greater than 80 feedback in lower than a day.

The frustration is comprehensible, in response to the Nationwide Society of Accountants, which lately despatched a letter to the Inside Income Service (IRS) urging the company to hurry up its infamous processing delays. “Frustrations inside the tax and accounting skilled neighborhood are at an all-time excessive, and fears amongst practitioners about how the upcoming 2022 tax filing season will unfold, when many 2019 and 2020 tax returns stay unresolved, are primarily based firmly in actuality,” learn the letter, in response to Accounting In the present day.

The letter was despatched to members of Congress in addition to IRS commissioner Charles Rettig.

Ongoing delays on the IRS are on account of numerous elements, together with on-the-fly modifications to the tax legislation, understaffing and underfunding, the consequences of the coronavirus pandemic, and even shoddy office equipment like previous printers and fax machines. In a current blog post, the Taxpayer Advocate Service all however conceded defeat, saying it’s unable to help taxpayers with the vast majority of processing delays as a result of they’re in “suspense standing,” that means they’re not even loaded into the IRS system but.

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That stated, some refund delays is perhaps on account of tax conditions that have been distinctive to 2019 or 2020, which implies you could possibly conceivably obtain your 2021 refund earlier than your 2019 or 2020 refunds—however provided that you file in 2022 as you usually would. The truth is, numerous taxpayers have described precisely that kind of situation in response to posts asking why bother, with some saying they’d acquired 2020 refunds at the same time as their 2019 refunds remained trapped in processing limbo.

In different phrases, sure, you need to nonetheless file your taxes subsequent 12 months. Even when it feels pointless, you may truly get your refund inside the 21-day timeframe that the IRS claims. And as an added bonus, you’ll keep away from a late penalty!

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