If you're due a tax refund, here's how early you can file your 2020 tax return
2020 was an unprecedented year in a variety of ways. And with many families put under financial pressure due to the impact of the COVID-19 pandemic, it makes sense that plenty of people want to file their 2020 taxes as soon as possible and receive their tax refund.
How early can you officially file your federal and state tax returns?
The short answer is: January 2021. As for the exact date, while it hasn't officially been announced by the Internal Revenue Service (IRS) when they will begin accepting tax returns, history tells us it likely be around the last week of the month. This means the likely target date for this year is January 25th, 2021.
To keep track of when the IRS announces when they will officially begin accepting federal tax returns, simply bookmark this page, or head over to the IRS official website.
However, simply filling early doesn't guarantee that you receive a tax refund early!
With physical mail largely slowed by the impact of the current pandemic, if you mail your tax returns in via USPS, FedEx, or another mail provider, it could be months before your tax refund check could be mailed back to you.
How do you make sure you receive your tax refund as soon as possible?
1) Either utilize one of several online options to file your tax return or take your tax information to a licensed tax professional.
2) When finalizing your tax return, make sure to enter the direct deposit information of your Fancard Prepaid Mastercard. This ensures that you will have your tax refund deposited directly onto your Fancard, rather than waiting for your refund in the mail, potentially saving you weeks of time.
Plus, a Fancard is the only way to get your refund in style by repping your favorite team!
Don't have a Fancard yet? No problem! Click below to get started, and Happy Tax Season!