Tax Time!

The IRS has officially announced that it will commence accepting and processing tax-year 2023 returns starting on Monday, January 29, 2024.

To streamline your filing process and expedite potential tax refunds, the IRS offers the following recommendations:

1. Ensure you have received essential documents like Form W-2 and other income-related forms, such as Form 1099, from your employers and payers. While the exact delivery dates for these forms may vary, they are generally not required to be sent before February 1, 2024. Be mindful of potential delays in mail delivery.

2. Visit irs.gov to access federal individual income tax forms, including Form 1040 and Form 1040-SR (designed for seniors born before January 2, 1959), along with their corresponding instructions.

3. Opt for electronic filing and use direct deposit for your tax return.

4. Stay updated on the latest tax-related information by checking irs.gov regularly.

Important filing dates to remember include:

  • January 12: IRS Free File becomes available, allowing participating software companies to accept completed tax returns for individuals or families with an adjusted gross income of $79,000 or less in 2023. These returns will be held until they can be electronically filed with the IRS starting January 29. Additionally, Free File Fillable forms will be accessible to taxpayers of any income level, enabling them to complete and e-file their returns at no cost.
  • January 29: The IRS initiates the acceptance and processing of individual tax returns.
  • April 15: The deadline for most taxpayers to file their 2023 tax returns or request an extension.
  • April 17: The deadline for taxpayers residing in Maine or Massachusetts.
  • October 15: The deadline for those who previously requested an extension for their 2023 tax returns.

For individuals anticipating a tax refund, the IRS strongly encourages filing as early as possible. It expects to issue most tax refunds within 21 days of receiving electronically filed returns, provided there are no issues with the return and the refund is delivered via direct deposit. To minimize processing delays, the IRS advises avoiding paper tax returns whenever feasible.

, , , , , , , , , ,

Articles

By: 2 Market Media