As the 2024 tax season approaches, the Internal Revenue Service (IRS) has announced significant updates and deadlines that taxpayers should be aware of. The IRS indicated that the filing season will officially begin on January 23, 2024, when the agency starts accepting electronic tax returns. Taxpayers can expect to file their returns until the standard deadline of April 15, 2024. Those who require an extension will need to file Form 4868 by April 15, which grants an additional six months for filing, shifting the deadline to October 15. It is important to note that this extension does not apply to payment deadlines; taxes owed must still be paid by April 15 to avoid penalties and interest. The IRS has also noted that taxpayers should track their refunds and expect them to be issued within 21 days after filing if they choose e-file and direct deposit options. The agency is enhancing its technology systems to streamline processing and improve the overall experience for filers. According to IRS Commissioner Danny Werfel, ‘We’re committed to providing taxpayers with a smoother filing experience. Our technology upgrades will help us deliver timely and accurate refunds.’ Additionally, a User Experience group has been formed to specifically address concerns from taxpayers to enhance further improvements in service. Taxpayers are encouraged to prepare and organize their documents early to avoid any last-minute issues and ensure a stress-free filing process. As for the 2024 tax filing, those who receive certain tax credits must also ensure they have the required documentation in hand for accurate filing. The IRS stresses that understanding changes in tax laws and utilizing available resources can aid taxpayers in their filing this season. Specialists recommend consulting with tax professionals to navigate any complexities in tax filings, especially for those filing for the first time or experiencing significant life changes such as buying a home or welcoming a new family member.
Tax Season 2024: Key Filing Dates and What You Need to Know
