But feedback from taxpayers and payment processors confused by the new rules led the IRS to delay the new $600 reporting threshold requirement. When filing your taxes, you can choose to claim the standard deduction or to itemize your deductions. The IRS estimates that 90% of tax filers claim the standard deduction, an amount set by the agency that’s linked to your filing status and other factors. Most income is taxable, including unemployment compensation, refund interest and income from the gig economy and digital assets. Taxpayers should watch for and gather essential forms, such as Forms W-2, Wage and Tax Statement, and other income documents. Employers and businesses must send out W-2 forms to employees and 1099-NEC forms to independent contractors by this date.
When does tax filing season start? Here’s when the IRS will start processing returns
Any tax you owe is still due on April 15—with or without a tax filing extension. Individuals are expected to file more than 160 million federal returns for tax year 2024. Most will come income statement in by the regular April 15 deadline, with automatic extensions to Oct. 15 available to people who submit a Form 4868 to the IRS by April 15.
When to file
Although the IRS will not officially begin accepting and processing tax returns until Jan. 29, people tax season do not need to wait until then to work on their taxes if they’re using software companies or tax professionals. For example, most software companies accept electronic submissions and then hold them until the IRS is ready to begin processing later this month. IRS Free File will also be available on IRS.gov starting Jan. 12 in advance of the filing season opening. The IRS Direct File pilot will be rolled out in phases as final testing is completed and is expected to be widely available in mid-March to eligible taxpayers in the participating states. April 15 is the deadline to file your federal income tax return for 2024 unless you request an extension. It’s also the deadline to pay any taxes owed to avoid late payment penalties and interest.
How can I request an extension for a tax return?
- Be aware of scammers, who can become more active during tax season.
- The Internal Revenue Service (IRS) has issued a slew of advice and reminders to help taxpayers “get ready” for the upcoming filing season.
- The IRS also will be focused on continuing high levels of service on its main taxpayer phone lines, with a goal of up to 85% level of service.
- The IRS also continues to urge taxpayers to visit a trusted tax professional for help with their taxes or visit IRS.gov first.
- Check out the latest consumer alerts and read more about the most recent tax related scams identified by the IRS.
- Information on how to report digital asset transactions, including calculating capital gain or loss, determining basis and reporting the income on the correct form can also be found on the digital assets landing page.
So, be sure to set calendar reminders, double-check your documents and don’t hesitate to seek help from a tax professional if needed. A little preparation now can make tax season a lot smoother — and maybe even a little less painful. Of the 41 states that do impose state income tax, most adhere to the April 15 federal filing deadline.
SARS has paid my refund into an old bank account, what now?
- The tax code for 2025 has some changes that are noteworthy for Americans that could impact the size of their tax refund, and possibly the size of their headache.
- Taxpayers must report all income on their tax return unless it’s excluded by law, whether they receive a Form 1099-K or not.
- More than 163 million tax returns were received in 2024, a 0.9% increase compared to 2023, according to the IRS.
- You can send us a query via SARS Online Query System (SOQS) if you have forgotten your tax reference number, to submit supporting material and more.
Some returns may require additional review and may take longer. The easiest way to check a refund’s status is by using Where’s My Refund? Official Tax Authority Resources – Direct access to official resources from tax authorities provides more accurate information and tracking. For taxpayers in the U.S., the Internal Revenue Service (IRS) provides free resources.
- To access these free tools, taxpayers must start from the IRS Free File page on IRS.gov.
- For instance, those directly impacted by Hurricane Helene and Hurricane Milton will have until May 1, 2025, to file various individual and business tax returns and make tax payments.
- WASHINGTON — The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.
- The easiest way to check a refund’s status is by using Where’s My Refund?
- If the taxpayer had received the same amount in 2022, they would have been taxed at a top rate of 22%.
- Last year, thousands of Direct File users got help from IRS customer service representatives through a live chat feature in English and Spanish.
Understand refund timing and how to avoid delays
Kemberley Washington is a former staff writer at Forbes Advisor and provides consumer-friendly tax tips for individuals and businesses. She has been instrumental in tax product reviews and online tax calculators to help individuals make informed tax decisions. Her work has been featured in Yahoo Finance, Bankrate.com, SmartAsset, Black Enterprise, New Orleans Agenda, and more. According to Treasury’s Bureau of the Fiscal Service, paper refund checks are 16 times more likely to be https://time-lords.com/what-are-retained-earnings-and-how-are-they/ lost, misdirected, stolen or uncashed compared to those paid using direct deposit. If you’re self-employed or earn income that isn’t subject to withholding, your final estimated quarterly tax payment for 2024 was due on January 15 this year.
You are responsible for filing a complete and accurate tax return, so gather your records and tax forms and double-check your taxpayer identification number and PIN. And remember, whether you receive a 1099-K or not, the IRS expects you to report all taxable income on your federal income tax return. If you live in a state that assesses income tax, you’ll need to file your return by the deadline. In most states, the deadline is the same as the federal deadline, which is April 15 for the 2025 tax season.
Be sure to check tips for choosing a tax preparer and how to avoid unethical “ghost” return preparers. The IRS reminds taxpayers the deadline to file a 2023 tax return and pay any tax owed 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 may have additional time to file.
Under the federal Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before mid-February. Should show an updated status by February 17 for most early EITC/ACTC filers. The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by February 27 if they chose direct deposit and there are no other issues with their tax return. 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. Tax deductions, tax credit amounts, and some tax laws have changed since you filed your last federal income tax return.