2024 Tax Filing Season Set For January 29, 2024

The Internal Revenue Service announced yesterday that Monday, January 29, 2024 will be the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

The IRS expects more than 128.7 million individual tax returns to be filed by the April 15, 2024 tax deadline.

According to the IRS, taxpayers will continue to see helpful changes at the IRS following ongoing transformation work. Building off the success of the 2023 tax season that saw significant improvements following passage of the Inflation Reduction Act, the 2024 filing season will continue reflecting the focus on improving services to taxpayers.

IRS Commissioner Danny Werfel proclaimed: “As our transformation efforts take hold, taxpayers will continue to see marked improvement in IRS operations in the upcoming filing season, IRS employees are working hard to make sure that new funding is used to help taxpayers by making the process of preparing and filing taxes easier.”ome of the new

April 15 tax filing deadline for most taxpayers

For most taxpayers, the deadline to file their personal federal tax return, pay any tax owed or request an extension to file is Monday, April 15, 2024.

Taxpayers living in Maine or Massachusetts have until April 17, 2024 due to the Patriot’s Day and Emancipation Day holidays. If a taxpayer resides in a federally declared disaster area, they also may have additional time to file.

Tips to help people file in 2024

The IRS encourages taxpayers to take steps now to Get Ready to file their 2023 individual federal tax return. It’s important for filers to gather all the correct information they need before filing their return. Organize and gather tax records including Social Security numbers, individual Taxpayer Identification Numbers, Adoption Identification Numbers and this year’s Identity Protection Identification Numbers (IP PIN). Filing an accurate return can help taxpayers avoid refund delays or later IRS mailings about a problem.

The IRS also reminds us that people should report all their taxable income and wait to file until they receive all income related documents. This is especially important for people who may receive various Forms 1099 from banks or other payers reporting unemployment compensation, dividends, pensions, annuities or retirement plan distributions.

You should also plan to file electronically with direct deposit. This is still the fastest and easiest way to file and receive a refund. To avoid delays in processing people should avoid filing paper returns whenever possible.

E-File Your Tax Return And Choose Direct Deposit

Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund. The IRS expects more than four out of five tax returns will be prepared electronically using tax software.

The IRS still anticipates issuing more than nine out of 10 refunds in less than 21 days, but there are some important factors to keep in mind for taxpayers.

By law, the IRS cannot issue refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit before mid-February. This applies to the entire refund — even the portion not associated with the EITC and ACTC.

The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb. 27, 2018, if those taxpayers chose direct deposit and there are no other issues with the tax return. This additional period is due to several factors, including banking and financial systems needing time to process deposits.

After refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving Presidents’ Day may affect their refund timing.

If you have questions on this or any other tax matter, call us at 813-514-2920.