Tax Season Alert: What You Should Know Before Filing Your Return

As tax season approaches, set to kick off on Jan. 29, 2024, individuals are gearing up for the annual ritual of filing their returns with the Internal Revenue Service (IRS). 

The IRS anticipates a significant influx, projecting over 128.7 million individual tax returns to be submitted by the April 15, 2024, deadline.

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Here are key details you should know for your tax return

tax-season-alert-what-you-should-know-before-filing-your-return
As tax season approaches, set to kick off on Jan. 29, 2024, individuals are gearing up for the annual ritual of filing their returns with the Internal Revenue Service (IRS).

Start Date for Tax Season

Tax season officially commences on Jan. 29, 2024, as the IRS starts accepting and processing returns.

Early Preparation Opportunities

Taxpayers need not wait until the official start date, especially if they are using software companies or tax professionals. Many software providers allow electronic submissions in advance, holding them until the IRS begins processing later in the month.

Filing Deadline

The general deadline for most taxpayers, including those in Ohio, to file their personal federal tax return, pay any owed taxes, or request an extension is Monday, April 15, 2024. However, residents of Maine or Massachusetts enjoy an extended deadline until April 17, 2024, due to the Patriot’s Day and Emancipation Day holidays.

Free Filing Option

IRS Free File became available on Jan. 12, 2024, allowing participating software companies to accept completed tax returns. This service holds the submissions until they can be electronically filed with the IRS. Qualified taxpayers, with an Adjusted Gross Income of $79,000 or less in 2023, can use this program for online federal income tax return preparation.

Refund Timing

While the IRS typically issues most refunds in less than 21 days, several factors can influence the timing. The agency advises caution against relying on a specific refund date, especially when making significant purchases or settling bills. Some returns may necessitate additional review, potentially extending the processing period.

Checking Refund Status

To track the status of a refund, the IRS recommends using the “Where’s My Refund?” tool on IRS.gov or the IRS2Go app. These resources provide real-time updates on the progress of your refund.

As taxpayers brace themselves for another tax season, being well-informed about key dates, filing options, and refund processes is crucial. Stay on top of these details to navigate the 2024 tax season smoothly and ensure a seamless filing experience with the IRS.

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