Tax Season 2024: What You Need to Know
As tax season kicks off, millions of Americans are eager to file their returns and receive their refunds. In fact, nearly 40% of taxpayers rely on refunds to make ends meet, according to a recent survey. With the IRS expecting over 140 million individual tax returns to be filed by the April 15 deadline, it’s essential to be prepared.
Free Filing Options Abound
If you’re looking to file your taxes for free, you’re in luck. This season, over 30 million taxpayers may be eligible for Direct File, the IRS’ free tax filing program, which has expanded to 25 states and covers more tax situations than last year. Additionally, IRS Free File offers free guided tax prep software for those with an adjusted gross income (AGI) of $84,000 or less in 2024. And, if you’re eligible, you can also take advantage of Volunteer Income Tax Assistance (VITA), a free IRS-run program.
Gather Your Documents First
Before filing your return, make sure you have all the necessary tax forms. Otherwise, the IRS systems may flag your return for missing or inaccurate information, leading to delays. Use your prior-year tax return as a checklist to ensure accuracy. While many tax forms arrive in January, others may come later, so be patient and don’t rush to file.
Tax Relief for Disaster Victims
If you’re a victim of a federally declared natural disaster, you may be eligible for tax relief. Congress has extended tax relief for certain victims affected by disasters from 2020 to early 2025, which could result in a bigger tax break for losses.
Key Deadlines and Extensions
While the federal tax deadline is April 15 for most filers, some taxpayers have extensions to file returns and pay taxes owed. The IRS provides a detailed breakdown of tax relief by date, so be sure to check if you’re eligible.
By being aware of these key things, you can navigate tax season with confidence and get the refund you’re entitled to.
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