2024 Tax Filing Season | Tips to Get Ready

When can you start to file taxes in 2024? Learn how to navigate the tax season for filing 2023 taxes using updated IRS services and digital tools. Discover strategies for early preparation, e-filing, and accessing essential resources for a smooth tax filing experience.

It’s that time of the year again – tax season. Let’s dive into what’s new for the 2024 tax season and how you can make this process as smooth as possible.

Start Date for Tax Season

The IRS has set January 29, 2024, as the start date for accepting and processing 2023 tax returns. That’s the day they’re officially in business for this tax season. But, you don’t have to wait until then if you’re using software or working with tax professionals. Many software companies can get your returns ready and then submit them as soon as the IRS is ready.

In-person Services

Now, here’s something cool – the IRS has been working on making things better for us. They’ve got more in-person services, like reopening Taxpayer Assistance Centers with extended hours. And if you’ve ever been on hold with the IRS, you’ll appreciate this – they’re working on reducing wait times for their toll-free line.

Tax Refund Tool Update

Another update is the improvement of the “Where’s My Refund?” tool. It’s going to give more detailed updates in plain language, and it’s optimized for mobile devices too. This means you can easily check the status of your refund without having to call the IRS.

Enhanced Paperless Processing

For those of you who love doing things digitally, there’s good news. The IRS is enhancing its paperless processing. This means you can submit documents digitally, and they’re even adding the option to e-File more forms. Plus, there’s an updated IRS Individual Online Account that includes chat features, and you can manage your payments more easily.

Direct File

And here’s a big one – the IRS is rolling out a new pilot tax filing service called Direct File. It’s free and allows you to file directly with the IRS online. It’ll be available from mid-March, so keep an eye out for that.

Tax Filing Deadline

The standard tax filing deadline is April 15, 2024. But if you’re in Maine or Massachusetts, you get until April 17 because of holidays. And remember, if you’re in a disaster area, you might have more time.

So, what should you be doing right now? Start by getting your documents in order. Make sure you have all your Social Security numbers, tax IDs, and any other relevant information. Also, wait until you have all your income documents before filing. This is super important to avoid any issues later on.

Filing electronically with direct deposit is still the way to go. It’s the fastest and easiest way to file and get your refund. And speaking of refunds, most are issued in less than 21 days, but don’t bank on that for making major purchases or paying bills – there can be delays.

For those who qualify, IRS Free File is a great resource. It opens on January 12, and it’s free for families with adjusted gross incomes of $79,000 or less in 2023.

Lastly, if you need help, there are tons of resources. The IRS Individual Online Account, the Interactive Tax Assistant, and even free tax help through the VITA and TCE programs. And for the military folks, MilTax offers free return preparation and electronic filing.

So there you have it – your quick guide to the 2024 tax season. Remember, staying organized and starting early can save you a lot of headaches. Keep an eye on those new IRS tools and services; they’re here to help make this process easier for all of us.

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Money Instructor does not provide tax, legal, or investment advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or investment advice. You should consult your own tax, legal, and investment advisors regarding your own financial situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing. Please note, the context of financial investments can be complex and dynamic, necessitating professional advice tailored to your unique circumstances.