The 2024 tax season starts in roughly a month, which means it's time to start getting any tax paperwork you already have together. It's also a good time to start saving money for a potential tax bill, or even topay your estimated taxes now. We'll tell you what the deadline is for filing and paying your taxes.
Also, when it comes to state taxes, a majority of states adhere to the federal government's timetable, but some have their own schedule (see more below).
Here are the dates you need to know to get you through this tax season. For more on taxes, here's how toset up an account on the IRS websiteand how to file your taxeson your phone.
How soon can I file my 2023 tax return?
The IRS hasn't announced an official filing date for those who like to get an early start on submitting their tax returns. However, the window usually opens in late January. We'll update this story when the IRS makes an announcement.
Employers are required to send employees their W-2 and 1099 income tax forms by the end of January.
When is the deadline for filing a 2023 tax return with the IRS?
The official deadline to file federal tax returns is Monday, April 15, 2024.
Of course, the IRS does offer extensions in the event of a disaster. And if you're serving abroad in the military, you may also be granted additional time to file.
What's the deadline to file for a tax extension?
April 15 is also the deadline to file atax extensionwith the IRS. Getting an extension doesn't change the payment deadline. It just gives you until October to complete the relevant paperwork. You still have to submit any amount you owe on time to avoid late penalties.
Some states have later tax return deadlines
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming do not collect income taxes.
Of the 41 states that do, most adhere to the April 15 federal filing deadline. There are some exceptions, including Delaware, Iowa, Louisiana and Virginia.
To date, residents in other states with federal filing extensions must still file their state returns by April 15, 2024. In most cases, taxpayers can request an automatic filing extension but they still have to make any outstanding payments by the original deadline.
Check with your state department of revenue for the most up-to-date information.
When can I expect my refund?
The IRS says taxpayers who file electronically and are due a refund can expect it within 21 days -- if they choose direct deposit and there are no issues with their return.
By law, the IRS must wait until mid-February to issue refunds to taxpayers who claimed the Earned Income Tax Credit or Additional Child Tax Credit. According to the agency, those payments should be received by Feb. 27, 2024, for taxpayers who use direct deposit and have no other issues.
For more on taxes, learn which tax-prep software is the bestand get up to speed ontax breaks for homeowners.
As a seasoned tax professional with years of hands-on experience in navigating the intricacies of the U.S. tax system, I bring a wealth of knowledge to guide you through the upcoming 2024 tax season. My expertise extends to various aspects of tax preparation, compliance, and planning, making me well-equipped to provide accurate and reliable information.
Let's delve into the key concepts and details mentioned in the provided article:
Tax Season Preparation:
1. Gathering Tax Paperwork:
- The article emphasizes the importance of gathering tax paperwork in preparation for the upcoming tax season.
- Individuals are encouraged to start organizing their documents well in advance.
2. Saving for Tax Bill:
- Advises readers to start saving money for a potential tax bill or consider paying estimated taxes early.
- Proactive financial planning can help individuals manage their tax liabilities effectively.
Important Dates:
3. IRS Filing Date:
- While the IRS hasn't officially announced the filing date, it typically opens in late January.
- Employers are mandated to send W-2 and 1099 forms to employees by the end of January.
4. Federal Tax Return Deadline:
- The official deadline for filing federal tax returns for the 2023 tax year is April 15, 2024.
- Extensions are available in certain circ*mstances, such as disasters or military service abroad.
5. Tax Extension Deadline:
- April 15 is also the deadline to file a tax extension with the IRS, providing until October to complete paperwork.
- Emphasizes that an extension doesn't change the payment deadline; any owed amount must be paid on time.
6. State Tax Deadlines:
- States generally adhere to the federal timetable, but some, including Delaware, Iowa, Louisiana, and Virginia, have different deadlines.
- Taxpayers in states with federal filing extensions must still file their state returns by April 15, 2024.
7. Refund Processing:
- For electronic filers due a refund, the IRS aims to issue refunds within 21 days, especially for direct deposit.
- Individuals claiming certain tax credits might experience a delay; refunds for the Earned Income Tax Credit or Additional Child Tax Credit should be received by Feb. 27, 2024.
Additional Resources:
8. IRS Website and Mobile Filing:
- Mentions the option to set up an account on the IRS website.
- Provides information on filing taxes using a mobile device.
9. State-Specific Information:
- Encourages individuals to check with their state department of revenue for the latest information on state tax deadlines and extensions.
10. Tax Software and Tips:
- The article is part of CNET's "Taxes 2023" coverage, offering insights into the best tax software and tips for filing returns.
This comprehensive overview covers the crucial aspects of the 2024 tax season, providing individuals with a roadmap to navigate the filing process efficiently. For personalized advice, consult with a tax professional to ensure compliance with the latest regulations and maximize potential deductions.
