Tax season, often a source of stress, kicked off on Jan. 29, 2024, marking the beginning of the annual scramble to gather documents for filing returns.
If you’re eager to start, it’s essential to note that employers should have sent W-2 and 1099 forms by the end of January. If you haven’t received them, check your mailbox or contact your company’s HR or payroll department.
The majority of taxpayers are required to submit their 2023 tax returns to the IRS by the stipulated deadline, which falls on Monday, April 15, 2024.
However, if you reside in Maine or Massachusetts, you have until Wednesday, April 17, 2024, due to holidays like Patriot’s Day and Emancipation Day. Those in federally declared disaster areas or serving abroad in the military may have additional time to file.
If more time is needed, April 15 is also the deadline to file for a tax extension with the IRS, granting until October to complete paperwork. Keep in mind that any estimated amount owed must still be paid by April 15 to avoid penalties.
Delays for Specific Tax Credits
State tax deadlines generally align with the federal deadline, but there are exceptions, such as Delaware, Iowa, Louisiana, or Virginia, which might have different deadlines. Even with a state tax filing extension, outstanding payments must be made by the original deadline.
Now, turning our attention to the much-anticipated tax refund: If you choose the electronic filing method along with direct deposit, the Internal Revenue Service assures that refunds will be processed within a span of 21 days, as long as all the necessary documentation is accurately provided and in order.
However, if claiming the earned income tax credit or additional child tax credit, refunds won’t be issued until at least mid-February, with payments expected by Feb. 27, 2024.
As the tax season progresses, remaining well-informed about important dates, available extensions, and the possibility of receiving refunds will enable you to manage the tax-filing process more smoothly and effectively.
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