In a recent announcement on January 8th, the Internal Revenue Service officially declared that the 2024 tax season will commence on Monday, January 29, 2024. From this date onwards, the agency will commence the acceptance and processing of tax returns for the year 2023.
The IRS expects more than 128.7 million individual tax returns to be filed by the April 15, 2024, tax deadline.
Although the IRS will not officially begin accepting and processing tax returns until Jan. 29, people do not need to wait until then to work on their taxes if they're using software companies or tax professionals. Taxpayers will continue to see helpful changes at the IRS following ongoing transformation work. Building off the success of the 2023 tax season which saw significant improvements following passage of the Inflation Reduction Act, the 2024 filing season will continue reflecting the focus on improving services to taxpayers.
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.
Taxpayers living in Maine or Massachusetts have until April 17, 2024, due to the Patriot's Day and Emancipation Day holidays. If a taxpayer resides in a federally declared disaster area, they also may have additional time to file.
2024 tax tips
Taxpayers must gather all the necessary information before filing their tax returns. They should carefully organize and collect tax records, including Social Security numbers, Individual Taxpayer Identification Numbers, Adoption Identification Numbers, and this year's Identity Protection Personal Identification Numbers (IP PIN). Filing an accurate return is essential as it can help taxpayers avoid delays in receiving their refunds or future correspondence from the IRS regarding any issues.
Taxpayers should ensure that they report all their taxable income and wait to file until they have received all income-related documents. This is particularly important for individuals who may receive various Forms 1099 from banks or other payers reporting income such as unemployment compensation, dividends, pensions, annuities, or retirement plan distributions. If a taxpayer receives Form 1099-K, they should refer to the "What to do with Form 1099-K" resource to determine if that income should be reported on their federal tax return.
Furthermore, taxpayers should plan to file their taxes electronically with direct deposit. This remains the quickest and most convenient method to file and receive a refund. To avoid any processing delays, individuals should try to avoid filing paper returns whenever possible.
You may be interested to read about How to Get the Most Out of Your Income Tax Refund
When are the tax filing dates in 2024?
- January 12: IRS Free File opens.
- January 16: Due date for 2023 fourth quarter estimated tax payments.
- January 26: Earned Income Tax Credit Awareness Day.
- January 29: Filing season start date for individual tax returns.
- April 15: Due date of filing a tax return or requesting an extension for most of the nation.
- April 17: Due date for Maine and Massachusetts.
- October 15: Due date for extension filers
How we can help you
At H&CO, our experienced team of tax professionals (CPAs) understands the complexities of income tax preparation and is dedicated to guiding you through the process. With a personalized approach, we help you navigate US and international income tax laws, staying up to date with the latest changes.
With offices in Miami, Coral Gables, Aventura, and Fort Lauderdale, our CPAs are readily available to assist you with all your income tax planning and tax preparation needs. To learn more about our accounting firm services take a look at our individual tax services, business tax services, international tax services, expatriate tax services, SAP Business One, entity management, human capital and audit and assurance services.
