Don’t delay – tax season is now underway
We sadly have a reminder that will likely do nothing to curb your winter blahs: tax season is upon us.
Tax season officially began Jan. 29, according to the IRS. This is “the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.” That means the time is now to get those returns filed.
Many of us dread this time of year – and with good reason. It can be stressful trying to figure out tax filing. Should you do it yourself, or hire a pro? Can you claim an exemption for this or that? What about side income? There is so much paperwork, and it can be easy to get lost in the official jargon.
The IRS reports it expects 128.7 million individual tax returns to be filed by the April 15, 2024, tax deadline. So, the good news is, you’re not alone in the struggle.
According to the IRS, taxpayers will continue to see helpful changes this tax season following ongoing transformation work. The 2023 tax season saw significant improvements following passage of the Inflation Reduction Act, so the 2024 filing season is expected to continue the focus on improving services to taxpayers.
Anything that makes this process even a tiny bit easier seems like good news to us.
The filing deadline is April 15 for most taxpayers. Here are a few tips to hopefully make for a less-stressful filing season:
- Have all the information you need before you file a tax return to avoid extensive processing and refund delays as well as avoid the possibility of needing to file an amended tax return.
- Carefully review your tax situation to make sure you don’t overlook important tax credits you might be eligible for.
- Take advantage of free services like the Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs or MilTax for those in the military.
- File early to get your return processed quicker and your refund back sooner, as well as to get ahead of potential fraudsters.
- Plan to file electronically with direct deposit; the IRS notes 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.
- Beware of tax scams. Make sure any request for information comes through official channels.
- Remember that most income is taxable, including unemployment income, interest received or money earned from “side hustles” and digital assets.
- Visit IRS.gov first for questions. IRS.gov has much of the same information that IRS phone assistants have.
If you need some extra help, you might find what you need at a Taxpayer Assistance Center. The closest ones to us are in Florence and Tupelo, Miss. Visit https://apps.irs.gov/app/office-locator/ to find out more or schedule an appointment.
Taxpayers requesting an extension will have until Oct. 15 to file.
This is almost nobody’s favorite time of year, but armed with these tips and a little patience, we will all get through it.
