Learn about the essential steps to prepare and file your taxes in 2024. Advice and important Tax Season deadline to ensure a hassle-free tax filing experience.
Advice and important Tax Season deadline to ensure a hassle-free tax filing experience. (Photo: fastcapital360)
Key Considerations and Changes for This Year’s Tax Season Deadline
Are you ready for the 2024 tax season? As the IRS gears up to accept and process 2023 federal income tax returns, it’s essential to be well-prepared. Filing your taxes may seem daunting, but understanding the crucial deadlines and gathering the necessary documents can make the process more manageable. Here are key insights and expert advice to ensure a smooth tax filing experience.
Mark your calendar for April 15, the typical Tax Season deadline for most taxpayers. However, residents of Maine and Massachusetts have until April 17 to file and pay, due to state holidays. Additionally, individuals in federally declared disaster areas may benefit from extended deadlines. Stay informed about potential deadline extensions to avoid penalties and interest on unpaid taxes.
Utilize your 2022 tax return as a reference point to identify the documents necessary for this year’s filing. Check online sources for 2023 tax forms from employers, financial institutions, and other relevant entities. Account for any significant life changes in 2023, such as marriage, home sales, or relocations, as they can impact your tax liability and potential refunds.
Business and Health Considerations:
If you have a small business or side gig, ensure that you have received all relevant tax forms, such as the 1099-K from payment apps. For those receiving premium tax credits for health insurance, accurate completion of Form 8962 is essential. Stay updated on potential tax breaks from Congress, such as increases in the child tax credit and small business deductions.
Electronically filing and accurately completing your return will expedite your refund. Choose direct deposit to ensure prompt receipt of your refund. Individuals who have a simple tax return and an income of $79,000 or less are eligible for free filing options. In select states, the IRS offers the Direct File program, which can be utilized to file taxes expediently and economically.
