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Millions of tax payers still haven’t filed 2021 tax returns, time’s running out…

At the end of the 2021 tax season over 148 million, which fell on 17 May, Americans filed a 2020 tax return. Last year, taxpayers were given extra time as the covid-19 pandemic was still gumming up the works which left the IRS with a staggering backlog of tax declarations to process.

This year there is no extension and tax returns need to be filed by 18 April, or an extension requested.

At the start of April this year, fewer Americans had submitted their 2021 paperwork than last year at the same time despite calls from the agency to get 2021 tax returns in early, and file electronically, to avoid delays in receiving tax refunds which could help boost household finances in light of the current high inflation. As of 1 April only 91 million people had sent in a tax return compared to the total of over 169 million the IRS received by the end of tax season the previous two years.

Of those filers, 8.5 million in 2020 were not required to file a return, but did so to get their Economic Impact Payment, better known as stimulus check. Another quarter million did the same in 2021 to get the advance Child Tax Credit payments.

The IRS sent out only the first half of the credit last year, in order to receive the rest and other tax credits for childrenworth thousands of dollars, Americans must file a 2021 tax return. The deadline is just three days away to submit your declaration or file for an extension.