Key Dates and Deadlines
The IRS has announced that the 2024 tax filing season will begin on Monday, January 29, 2024, when they start accepting and processing 2023 tax year returns. Here are the important deadlines:
- April 15, 2024: Standard deadline for filing federal tax returns
- April 17, 2024: Extended deadline for Maine and Massachusetts residents (due to Patriots' Day and Emancipation Day)
- October 15, 2024: Deadline for those who file for an extension
Benefits of Early Filing
Filing your taxes early offers several advantages:
- Faster Refunds: The IRS typically processes electronic returns and issues refunds within 21 days
- Identity Theft Prevention: Early filing reduces the window of opportunity for fraudsters to file returns in your name
- More Time to Pay: If you owe taxes, filing early gives you time to arrange payment options
- Reduced Stress: Early filing helps avoid the pressure of meeting last-minute deadlines
Required Documents and Preparation
Before filing, gather these essential documents:
- W-2 forms from employers
- 1099 forms for contract work
- Investment income statements
- Mortgage interest statements
- Charitable donation receipts
- Medical expense receipts
Organization Tips
- Create a filing system for tax-related paperwork
- Keep digital copies using secure cloud storage or encrypted drives
- Maintain detailed records of income sources and deductible expenses
Filing Options
Electronic Filing
The IRS strongly recommends e-filing because it:
- Reduces errors
- Provides faster processing
- Offers confirmation of receipt
- Enables direct deposit of refunds
Free Filing Options
Taxpayers with adjusted gross income of $73,000 or less can use IRS Free File.
Other Options
- Online Software: Services like TurboTax or H&R Block
- Tax Professionals: Especially helpful for complex situations
- Paper Filing: Forms available on the IRS Forms and Publications page
Important Changes for 2023
The standard deduction increased to $13,850 for single filers and $27,700 for married couples filing jointly.
Tax brackets have been adjusted for inflation:
| Filing Status | 10% Tax Rate |
|---|---|
| Single | $0-$11,000 |
| Married Joint | $0-$22,000 |
When to Consider Waiting
Some situations where delaying your filing might be beneficial:
- Waiting for important tax documents
- Expecting corrected forms
- Complex investment situations
- Self-employed individuals gathering business expenses
Extensions
If you need more time, file Form 4868 by April 15 for an automatic extension until October 15, 2024. Remember that an extension of time to file is not an extension of time to pay any taxes owed.
For the most current information and updates, visit the IRS website.