Comments Off on Tax season has officially started: what you need to know before you file
Tax season officially begins on Monday, as the IRS starts accepting and processing 2023 tax returns. Here’s what you need to know:
- The deadline to file taxes is Monday, April 15, with some exceptions. Taxpayers in Maine or Massachusetts have until April 17 due to state holidays, and individuals in federally declared disaster areas may have additional time
To apply for an individual tax extension, you can fill out Form 4868 online using the IRS’ “Free File” tool or mail the form to the IRS address for your state. The extension gives you until October 15, 2024, to file your taxes.
- Requesting an extension can give you more time to review your return and take advantage of tax benefits. However, it doesn’t delay the payment of taxes owed.
- Most taxpayers can expect a refund, with an average payment of about $3,176. To receive your refund within 21 days, file your return electronically, ensure accuracy, and choose direct deposit.
- The IRS expects to receive over 128.7 million individual tax returns, but some returns may require additional review and take longer to process.
- You can track your refund status using the IRS’ “Check My Refund Status” tool.
- If you’re expecting the child tax credit or earned income tax credit, the IRS cannot issue your refund before mid-February.
- The IRS has delayed a tax reporting requirement for users of payment apps like PayPal and Venmo. In 2023, these apps are not required to send Form 1099-K unless gross income exceeds $20,000 or there are 200 separate transactions.
