The IRS encourages people to file their tax returns electronically and choose direct deposit for more secure and faster refunds. According to Treasury’s Bureau of the Fiscal Service, paper refund checks are 16 times more likely to have an issue, like the check being lost, misdirected, stolen or uncashed. Filing electronically reduces tax return errors as the tax software does the calculations, flags common errors and prompts taxpayers for missing information. Taxpayers can also use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications to find trusted professionals. The IRS also reminds taxpayers that choosing someone affiliated with a recognized national tax association is always a good option.

• WASHINGTON (AP) — The IRS on Monday announced January 29 as the official start date of the 2024 tax season, and expects more than 128.7 million tax returns to be filed by the April 15 tax deadline.
• According to the IRS, taxes will be due on their traditional date of April 15 this year, with no holidays to interfere with that date.
• Meanwhile, IRS Free File, which offers free guided tax prep through software partners, opened on Jan. 10.
• Available only on IRS.gov, IRS Free File Guided Tax Software provides millions of taxpayers nationwide access to free software tools offered by trusted IRS Free File partners.
• The agency also announced a series of expanded and new programs designed to aid the tax filing process as a part of a modernization effort initiated by the 2022 passing of the Inflation Reduction Act.
• The easiest way to check a refund’s status is by using Where’s My Refund?

Sign and validate electronically filed tax returns

The most recent forms offer “save and draft” capabilities, enabling taxpayers to start a form, save it and return to it later. The addition of save and draft allows for future feaures, including the ability for multiple What is bookkeeping spouses to sign a form. The 2025 tax season will reflect continued IRS progress to modernize and add new tools and features to help taxpayers.

Other free options to file tax returns

The IRS redesigned 284 notices in 2024, exceeding its 200-notice goal. The 200 redesigned notices were deployed in 2024 and the 84 other redesigned notices are in line to be deployed in 2025. All notices will be added to Individual Online Account so taxpayers receiving a specific letter can see them.

Need more time?

• Check out the latest consumer alerts and read more about the most recent tax related scams identified by the IRS.
• The addition of save and draft allows for future capabilities, including the ability for spouses to sign a form.
• The Treasury Department estimates that more than 30 million taxpayers will be eligible to use Direct File across the 25 states.
• Taxpayers living in Maine or Massachusetts have until April 17, 2024, due to the Patriot’s Day and Emancipation Day holidays.

This is especially important for people who may receive various Forms 1099 from banks or other payers reporting unemployment compensation, dividends, pensions, annuities or retirement plan distributions. If a taxpayer receives Forms 1099-K, they should visit What to do with Form 1099-K to help them determine if that money should be reported as income on their federal tax return. For most taxpayers, the deadline to file their personal federal tax return, pay any tax owed or request an extension to file is Monday, April 15, 2024. Filing electronically and selecting direct deposit remains the fastest and safest way for taxpayers to receive their 2024 tax refunds.

Know the signs of identity theft

The addition of save and draft allows for future capabilities, including the ability for multiple spouses to sign a form. During today’s early morning opening, IRS systems have already received millions of tax returns from across the nation for processing. Taxpayers should review the tips for choosing a tax preparer and learn how to avoid unethical “ghost” return preparers. tax season The most recent forms feature “save and draft” capabilities, which allow the taxpayer to start a form, save, and return to it later. The addition of save and draft allows for future capabilities, including the ability for spouses to sign a form.

• For example, most software companies accept electronic submissions and then hold them until the IRS is ready to begin processing later this month.
• Delaware, Hawaii, Iowa, Louisiana and Virginia, have different deadlines for their state Tax Day 2025.
• Although the IRS is taking a phased in approach to implementation of the Form 1099-K reporting threshold, there have been no changes to the taxability of income.
• The IRS advises that all taxpayers keep copies of their tax returns for at least three years.
• This tool is especially useful for individuals who owed taxes or received large refunds last year, or those who have experienced life changes such as marriage, going through a divorce, or the welcoming of a child.

Tax season is meant to provide time for employers, banks, financial services providers, and other entities to collate and distribute all of the information taxpayers need to file their returns. Tax deductions, tax credit amounts, and some tax laws have changed since you filed your last federal income tax return. The fastest and most secure way to receive a tax refund is through direct deposit. Taxpayers can direct their refund to a bank account, banking app or reloadable debit card by providing their routing and account numbers. If the routing and account number cannot be located, taxpayers should contact their bank, financial institution or app provider.

• Tax season is the period between Jan. 1 and about April 15 of each year when taxpayers get ready to report their taxable income for the previous year.
• They know about your marriage, your income, your children and your social security numbers – the details of your financial life.
• The IRS, along with its partners in the tax industry, continue to strengthen security reviews to help protect against identity theft and refund fraud.
• Direct File automatically guides taxpayers to state tools to complete their state taxes.
• The IRS encourages people to file their tax returns electronically and choose direct deposit for faster refunds.
• However, the new Congress could consider potential child tax credit enhancements as part of a larger tax bill later this year that could impact future tax years (e.g., returns typically filed in 2026 or 2027).

Report taxable income; don’t file before receiving key documents

Today also marks the first day taxpayers can use Direct File to submit their 2024 returns. Launched by the IRS as a 12-state pilot program last year, Direct File expanded in 2025 to allow residents in 25 states to file federal returns free of charge. There are several things that can delay refunds however, including items that require additional review by the IRS. Those taxpayers who claim the Earned Income Tax Credit or the Additional Child Tax Credit cannot receive a refund until mid-February at the earliest, as the agency has https://integratorneetacademy.com/nonprofit-cfo-key-duties-and-how-they-drive/ to give additional scrutiny to those returns.