DENVER (KDVR) — As the IRS tax filing deadline of April 18 approaches, taxpayers are encouraged to make sure information on returns is accurate and filed on time.
The IRS started processing returns on January 24. Most refunds are distributed in about 21 days, according to the IRS website.
The American Rescue Plan act of 2021 expanded the child tax credit for that year. Advance child tax credit payments began in July and continued on a monthly basis through the end of the year.
According to the IRS, in general, if you are eligible for the child tax credit, but did not receive advance child tax credit payments, you can claim the full credit amount when you file your 2021 tax return during the 2022 tax filing season.
Other tax law changes saw workers bring a little more home in their paychecks, but that means some refunds may be smaller this year and some taxpayers may owe more than usual.
If you need a little extra time, it is important to file an extension with the IRS by the tax deadline.
Tax preparers say you can get your refund more quickly if you file electronically, utilize direct deposit and make sure all information is correct.
The IRS also warns taxpayers to be aware of impersonation scams.
Special Agent In Charge Andy Tsui told FOX31, “The IRS will never contact [taxpayers] through text messages, [or] social media [or] even unsolicited emails or phone calls, so typically, the IRS will contact a taxpayer with a letter first.”
It’s still not too late to file, and the IRS is holding $1.5 billion in unclaimed refunds from more than a million taxpayers.
Visit the IRS website for more information.