The question of when you can file your taxes is common, and the answer depends on several factors. Generally, you can prepare your return as soon as you have all the necessary tax documents, but the IRS won't accept returns before a predefined date.

One major factor is the availability of tax forms. The IRS typically releases forms and instructions for the upcoming tax year in the fall. Tax preparation software companies also release their products around the same time. However, forms like W-2 and 1099 may not be available until the end of January.

The availability of tax preparation software and services is another factor. Many companies and professionals begin accepting returns in late January or early February, aligning with the release of forms and software updates.

The IRS sets a specific date to start accepting tax returns, usually in the last week of January. Due to the COVID-19 pandemic, the 2021 tax filing season commenced on February 12, 2021.

While you can prepare your return early, the IRS won't process it or issue refunds before the official start date. Early-filed returns wait in a queue until the IRS begins processing for the new tax year.

It's essential to note that even if you file early, certain tax credits or deductions may not be claimable until specific dates. For instance, the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) aren't available until the IRS starts accepting returns for the new tax year.

In conclusion, you can prepare your return as soon as you have all necessary tax documents, but the IRS won't accept returns before a predefined date. The official start date for the 2021 tax filing season was February 12, 2021. Consult a tax professional or visit the IRS website for the latest information on the tax filing season.

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