When should I start filing my taxes for this upcoming season

[SteamTrain]

Start tax preparation with the software in late Jan of 2021.

File in late Feb to early March of 2021

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1)  Online software for 2020 taxes becomes available in December of 2020.................BUT, it will have a lot of "issues" with bugs and unfinished forms.  The most common "Federal" forms may not be finalized until late Jan of 2021......some more complicated forms may take until sometime in Feb.   The state forms are rarely ready until late Jan or well into Feb  (depends on which states are needed).

2) Even if you have only very simple tax forms to file, don't attempt to file at any time in January......Many people who file early as possible will later regret it.   Many find they have to file amendments to correct hasty early filings and send back $$ form an earlier refund...amended tax returns can be a nightmare.  

3) Don't hurry.  Take your time and get it right.  And again, NEVER file them in January.

[xmasbaby0]

Please be careful about being in too much of a hurry to file your next tax return. Many tax forms are not available at the very beginning of the tax season, so you have to wait for your forms. The software still needs updates at the beginning of the tax season. 

Although the software will allow you to e-file in early January, the IRS does not begin to accept the e-files until almost the end of the month.  So your return just sits on the server.  If you realize that you made a mistake or left something out—as many people do—you cannot change it.

Every year we see people who are in such a rush to file that they file incorrectly and incompletely.  If you file too early and leave out a W-2 or a 1099, or forget to enter information, you will end up having to amend your tax return---and that takes months.  Employers have until the end of January to issue W-2's----and ALL of your 2020 W-2's have to be on the same tax return.  Many of the 1099's and 1098's you need do not arrive until late January or sometime in February.  If you are getting Earned Income Credit or Additional Child Tax Credit, the IRS is going to hold your refund until the end of February no matter how early you file.  There seems to be a greater chance of "early" returns being reviewed and those refunds are delayed, or early returns are more often subject to identity verification--which will also delay processing.  Filing too early may just be a recipe for a delayed refund.  It might go more smoothly for you if you wait until at least mid-February to file instead of e-filing during the first minute that you can do it.

[Opus 17]

TurboTax will accept returns for e-filing beginning January 7. However, these will go into cold storage. The IRS will begin to accept e-filed returns on January 27.  However, as mentioned by others, take your time and get it right the first time.