The Internal Revenue Service announced the opening of the 2022 tax season, signaling that it is now accepting and processing 2021 tax returns. It expects more than 160 million individual tax returns filed for the 2021 tax year.
When completing a tax return, taxpayers have two options: take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax.
The Internal Revenue Service announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.
To avoid being subject to estimated tax penalties, taxpayers who may have
underpaid their 2021 income taxes should make their fourth quarter estimated tax
payment. The deadline for this is Tuesday, January 18,
