ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

As Tax Season Gets Closer, Here are Key Dates and Enhancements by IRS to be Kept in Mind

The 2024 tax season commences on January 29, with the IRS set to process over 128 million returns. Key improvements include enhanced customer service and the new Direct File service for free filing.
PUBLISHED FEB 5, 2024
Current federal tax forms are distributed at the offices of the Internal Revenue Service | Getty Images | Photo by Scott Olson
Current federal tax forms are distributed at the offices of the Internal Revenue Service | Getty Images | Photo by Scott Olson
 The Internal Revenue Service (IRS) building | Getty Images | Photo by Zach Gibson
The Internal Revenue Service (IRS) building | Getty Images | Photo by Zach Gibson

As we move further into the new year, taxpayers across the United States gear up for the annual tradition of filing their taxes. The Internal Revenue Service (IRS) has announced that the 2024 tax season will officially commence on January 29th, welcoming submissions for the 2023 tax year. With a host of improvements and new services in place, this year promises an efficient and user-friendly experience for filers.

The IRS is set to begin accepting and processing 2023 tax returns from January 29th, anticipating over 128 million returns by the April 15 deadline. Benefiting from the Inflation Reduction Act's funding, the IRS is set to continue elevating its customer service. "With new funding, we're focused on easing the process of filing taxes," says IRS Commissioner Danny Werfel. This includes shorter wait times for phone support, better digital submission processes, and improvements to the 'Where’s My Refund?' tool. Additionally, the new Direct File service will enable eligible taxpayers in certain states to file directly with the IRS for free.

Taxpayers can start preparing their returns with the necessary forms, such as W-2s or 1099-NECs, which are due by the end of January. Early filing is possible through various tax preparation services, but remember that the IRS will not process any returns before January 29th. It is crucial to have all your paperwork to avoid amendments post-filing. With the IRS Free File program opening on January 12, those with incomes up to $79,000 can file for free, as the Direct File pilot program has further eased the process for eligible individuals in 13 states.

Photo by Nataliya Vaitkevich: https://www.pexels.com/photo/tax-documents-on-the-table-6863244/
Photo by Nataliya Vaitkevich: https://www.pexels.com/photo/tax-documents-on-the-table-6863244/

The standard deadline for 2024 tax filing is April 15. However, residents of Maine and Massachusetts have until April 17 due to local holidays. Those in federally declared disaster areas may receive additional time. For those needing extra time, Form 4868 can be filed for an extension, pushing the deadline to October 15. It’s important to note that while this extends the filing deadline, it does not grant extra time for tax payments due.

For most filers, the IRS typically issues refunds within 21 days, especially for those filing electronically and choosing direct deposit. Complicated returns or paper submissions may take longer, and early filers claiming certain tax credits should expect delays until mid-February. Taxpayers can track their refund status using the IRS's 'Where’s My Refund?' tool available on the IRS website and the IRS2Go app.

To sum things up, as the IRS introduces various improvements and new services, the 2024 tax season looks set to be more efficient than ever. By staying informed about key dates, preparing documents early, understanding the available tools and services, and keeping track of their refund status, taxpayers can navigate this tax season in a hassle-free manner.

MORE ON MARKET REALIST
The company, Scholly, entered the Shark Tank Hall of Fame as it gave a 60x return years later.
49 minutes ago
After the contestant, Drew Carey broke the board further while trying to fix it...
20 hours ago
As it so turned out, a crucial ruling from the judges led to a BIG win for the player.
22 hours ago
When a guest brought a precious Charles Rohlfs chair, expert John Sollo confessed that he was nervous to appraise it.
1 day ago
The guest had no idea about the item being a Tiffany product and being embedded with a rare gem.
1 day ago
The host was baffled by the goof up that the contestant made between two words.
1 day ago
Carey showed that he has got the weapon of sarcasm, and he isn't afraid to use it.
1 day ago
Whatever the host was expecting, it was far away from what the contestant said on national TV.
1 day ago
The guest was surprised to learn more about the item he had actually found on the street for free.
2 days ago
After going through everything on the board, the player left Harvey in hysterics with his answer.
2 days ago
As it so turned out, the weird-looking floor lamp was a piece from a very famous studio.
2 days ago
Most contestants were consistently getting the answers wrong, and Harvey was worried about what was next.
3 days ago
Some claimed that they got the puzzle despite English being their second language.
3 days ago
The letter was written to a columnist in response to a piece taking a swipe at Sinatra.
3 days ago
In a special episode of Celebrity Family Feud, a WWE star decided to go for the one thing Harvey is known for.
4 days ago
Luck was shining for her as she was off to a flying start and won the car with a single card.
4 days ago
Sajak had a witty reply for the contestant who was fanboying over White during the game.
6 days ago
The model said that considering White's age she would also take the offer from Sony.
6 days ago
Sheila won a brand new entertainment unit, complete with an HD plasma TV and mini bar from Howard Miller.
7 days ago
The appraiser disclosed that Yoakum began painting in the 1960s and he created one unique piece of art every single day.
7 days ago