IRS Announces Key Dates for 2024 Tax Season: Start Accepting Returns, Tax Refund Deadlines, and Federal Tax Return Filing Season Due Dates

Steven de la Fe, CPA

January 8, 2024

The IRS tax season can be a challenging time for many, but with the right information and preparation, it doesn't have to be. As 2024 approaches, understanding the nuances of filing tax returns, meeting deadlines, and anticipating refunds is crucial. This article aims to demystify the process, providing you with all the essential knowledge to navigate the 2024 tax season effectively. Whether you're new to filing or a seasoned taxpayer, this comprehensive guide is invaluable.

Know when the IRS opens for tax season in 2024.

When Does the IRS Start Accepting 2023 Tax Returns?

The Internal Revenue Service (IRS) is set to begin accepting tax returns on Monday, January 29nd, 2024. As this start date is specific, taxpayers should mark their calendars and prepare to file early. This early phase of the tax season, starting on January 29nd, is particularly important for those eager to organize their tax affairs promptly. The IRS is known for processing returns efficiently as they come in, making this period an ideal time for taxpayers to submit their filings.

Why File Early?

Filing your tax return early offers numerous advantages. Firstly, early filers often receive their tax refunds more quickly, usually within 21 days if filed electronically. Additionally, filing early can significantly reduce the risk of tax-related identity theft. Early filing also provides a cushion for those who might owe taxes, giving them more time to arrange their payments. The IRS acknowledges these benefits and encourages taxpayers to file as soon as they can.

Benefit	Description	Example
Faster Refund	Get your refund money deposited or mailed sooner, sometimes within days for e-filed returns.	If you're expecting a refund, you can access that cash earlier for financial goals, savings, or unexpected expenses. Filing in January could put your refund in your bank account by February or March.
Reduced Stress	Avoid the last-minute scramble and potential errors due to time pressure.	Filing early alleviates the tax season headache and gives you peace of mind. You won't be rushing to gather documents and meet deadlines come April.
More Accurate Returns	Have more time to gather paperwork, research deductions and credits, and double-check calculations for greater accuracy.	This could lead to a larger refund or lower tax liability due to missed deductions. Reviewing expenses throughout the year helps catch missed charitable donations or medical expenses.
Avoid Processing Delays	Steer clear of potential backlogs and delays as the filing deadline approaches.	Early filers are processed first, leading to faster turnaround times. The IRS can get swamped near the deadline, potentially lengthening refund wait times.
Tax Planning Opportunity	Identify any potential tax issues or opportunities for future tax years with more time to analyze your return.	Early filing can reveal areas for maximizing deductions or reducing future tax burdens. You might discover you can contribute more to your IRA for the current year.
Protection from Identity Theft	Reduce the risk of identity thieves filing a fraudulent return in your name by filing legitimately before them.	Early filing ensures your legitimate return is on record first, making it harder for fraudsters to file. Filing early minimizes the window for fraudulent activity.
Payment Preparation (if you owe)	If you owe taxes, filing early gives you more time to budget and save for the payment due date.	Early planning avoids financial surprise and potential penalties for late payment. You can set up a payment plan or gather funds to avoid interest charges.
Access to Financial Information	Gain valuable insights into your income, expenses, and tax brackets for better financial planning and budgeting.	Reviewing your return reveals your financial picture, guiding future decisions. You can see how much you earned and spent in different categories throughout the year.

Meeting the April 15 Deadline for Filing: What You Need to Know About Tax Day

April 15 is traditionally the deadline for filing tax returns in the United States. However, if this date falls on a weekend or public holiday, the IRS will extend the deadline to the following business day. It is vital to adhere to this deadline as failing to do so can lead to penalties and accrued interest, increasing the overall tax liability.

Late Filing and Extensions

Taxpayers unable to meet the April 15 deadline can request an extension by filing IRS Form 4868. This extension allows additional time to file your tax return but does not extend the time to pay any taxes due. It's important to understand that interest may still accrue on any unpaid tax, and penalties for late payment can apply, making it crucial to estimate and pay any owed taxes by the original deadline.

Maximizing Your Income Tax Refund in 2024

To maximize your tax refund, it's essential to be diligent in claiming all eligible deductions and credits. This includes understanding and utilizing benefits like the Earned Income Tax Credit and the Child Tax Credit. Ensuring accuracy in your tax return, such as correct filing status and complete income reporting, is critical to avoid delays in your refund.

Avoiding Refund Delays

Accurate and complete tax returns are processed more quickly by the IRS. Utilizing tax software or consulting with a tax professional can significantly reduce errors and ensure completeness. Moreover, electronic filing, which is more efficient than paper filing, can expedite the refund process, often resulting in quicker refunds, especially when combined with direct deposit options.

Electronic Filing: The Fast Track to Your Refund

The IRS strongly advocates for electronic filing due to its speed and security. Electronic returns are processed faster than paper returns, leading to quicker refunds. This method is also more secure, reducing the risk of lost or misdirected paperwork. The efficiency of the electronic system benefits both the taxpayer and the IRS, streamlining the entire filing process.

IRS E-filing System

The IRS's e-filing system is designed to be user-friendly and efficient. It provides immediate confirmation after a return is filed and accepted. Most taxpayers qualify for the IRS Free File program, a complimentary service for those who meet specific income thresholds. This system has become increasingly popular, with a significant proportion of taxpayers opting for this method for its convenience and reliability.

Seeking Professional Tax Help: When and Why

The decision to seek professional tax help is often dictated by the complexity of your financial situation. If you have diverse income sources, complex investments, or are uncertain about certain tax laws, the guidance of a tax professional can be invaluable. They can provide clarity, ensure accuracy, and often help maximize your tax benefits.

IRS Assistance Programs

For those who need tax assistance but are unable to afford professional services, the IRS offers support through programs like the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE). These programs are designed to provide free tax help to people who qualify, based on age, income, or other factors. They are an excellent resource for individuals seeking reliable tax assistance without incurring additional costs.

Key Takeaways for the 2024 IRS Tax Season to File My Taxes

2023 Tax Filing: The IRS usually begins accepting income tax returns for the 2023 tax year on Monday, January 29th, 2024. This marks the start of the tax filing season.
Filing Season Opens: The IRS will start the filing season by announcing the exact date they begin accepting tax returns. This information is critical for planning your tax preparation.
Federal Tax Return Filing: Taxpayers need to file their federal income tax returns, considering all the changes and updates relevant to the 2023 tax year.
IRS Announcements: Stay updated with IRS announcements for crucial information before filing your 2023 tax return. The IRS website is a reliable source for this information.
Tax Deadline and Due Date: The tax deadline for filing your 2023 individual income tax return is usually April 15, 2024. However, the IRS also provides the option to file an extension if needed.
Automatic Extension: If you can't meet the tax deadline, you can request an automatic extension using a tax form, specifically IRS Form 4868, to extend the due date for filing your federal tax return.
Filing and Paying Taxes: Remember that filing and paying your federal taxes are separate actions. An extension to file does not extend the time to pay any taxes due.
IRS Refund Processing: The IRS says most e-filed tax refunds are issued within 21 days of filing. This makes electronic filing an efficient option for receiving your federal tax refund faster.
Federal Tax Refund: If you are expecting a federal tax refund, filing electronically and using direct deposit can expedite the process. Often, taxpayers can receive their federal tax refund within a month.
Tax Preparation Assistance: The IRS offers services of a tax professional through various programs for those needing help with tax preparation, such as Volunteer Income Tax Assistance (VITA).
2023 Tax Return Extensions: If you file an extension, the extension date may differ from the standard tax deadline. Ensure to submit your extension request by April 15 to avoid penalties.
Use the IRS System: For accurate and timely filing, use the IRS system, including their electronic filing options and tax programs, to process your tax returns faster.
Start Accepting Returns: The IRS will start accepting 2023 tax returns in early 2024, as per their usual schedule. This date is critical for those looking to file their taxes early.
Get Your Tax Refund: To get your tax refund without delays, ensure all information on your tax return is accurate and complete.
2024 Tax Year Planning: Start preparing for the 2024 tax year by understanding the changes in tax laws, including any adjustments to credits such as the Additional Child Tax Credit.
Federal Income Tax Considerations: Be aware of your federal income tax obligations and any changes that might affect your 2023 tax filing.
Dates to Know for Filing: Mark your calendar with important dates for the 2023 tax filing, including the opening of the filing season, tax day, and any extension dates.
Need to File: Determine if you need to file a federal return extension for the 2023 tax year and the conditions under which this would be necessary.
Filing Your 2023 Taxes: As the filing season opens, gather all necessary documents and decide whether to file your taxes yourself or seek the services of a tax professional.
IRS System Efficiency: The IRS system is designed for efficient processing of tax returns, helping taxpayers file their returns and receive refunds without unnecessary delays.
Federal Return Extension: If you need more time to file your federal return, remember that the extension request must be submitted by April 15, 2024, for the 2023 tax year.
IRS Also Advises: The IRS also advises taxpayers to gather all necessary information and documents before filing to avoid common mistakes that can delay tax refunds.

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