Get Ready for Tax Season 2024! Filing Begins January 29th

It is tax season going on for 2024, of course. Though the Tax Filing is Open: Here’s What to Know About Your 2024 Tax Refund. There might be some confusion and queries in your tax filing case. SG INC CPA takes into consideration the tax concerns of individuals and businesses.

We will address a couple of important questions, starting with when you can start filing your taxes in 2024. That’s very important for all of you to know. And then with that, we will also bring you important dates to keep for filing your taxes. Of course, when we talk about taxes, we do have to talk about those IRS tax refunds for those who qualify.

When is Tax Season 2024?

In the US, tax season kicks off in January. However, tax season may be delayed because of certain changes. One important thing we always remember right around this month is tax season. Right when is TAX SEASON 2024? Another question business owners want to learn is when the IRS will begin to accept these tax returns.

So, major last-minute changes to the tax law by Congress can cause a delay in the start of the tax filing season in 2024. Hence, the official kickoff for tax filing is set for January 22. This will mark the earliest date for individuals and businesses to submit their tax returns.

When Does the IRS Start Accepting Returns?

Corporate and other companies are required to send employees their W2 and 1099 income tax forms by the end of January. So keep in mind this is something you need to look out for in the mail or, you know. You can expect to receive it from your employer.

Now again, the official deadline to file IRS tax returns is Monday, April 15, 2024. SG INC CPA knows that every client’s tax scenarios are very different. So, there are some important dates you need to know when filing your taxes, whether you live in the United States or whether you are not. Or in case you are expecting a tax refund, and so forth.

IRS Tax Calls Announcement

In late January, that’s pretty much when the IRS will begin the 2024 tax season. Of course, they’re going to start accepting those individual 2023 tax returns. But remember, the full date has not yet quite been released, or it hasn’t been made official. However, it is expected to be right around January 22. April 15, 2024, is another deadline to keep in mind. Since this is the national due date to file a 2023 tax return or request an extension for those that need tax waiving off or a grace period, it is also for those who can pay their taxes owed with a $600 rule for contractors or time-being workers. Now, Cal, California residents and the state of Texas pretty much have until April 17 to file their federal tax return because of state holidays. Their deadline would be April 17, so it only applies to the residents of the two states.

What are the Tax Filing Deadline for Americans Living Abroad?

June 17 is the tax deadline for Americans living abroad. Then, July is also the deadline to claim your 2020 tax refund for those who need to do that. October 15 would be the due date to file for those requesting an extension on their 2023 tax returns. We know that’s another deadline to keep in mind if you need additional time to follow your 2023 tax returns. Now, the IRS offers special extensions in the event of a disaster for a taxpayer. You may be eligible for a tax compliance extension to follow your return to pay your tax bill. It only validates when you are in a federally declared disaster area. Again, it has to be federally declared. In most cases, you will not need to request an extension; you will get it automatically.

What about Taxes in General?

Now, naturally, when we talk about taxes in general, it is obvious we are talking about tax refunds. Of course, it is important for those who receive the IRS’s tax calls to know. So, our professional team of CPAs brings you important information about when you need to receive your tax refund for 2024. Now, there are a couple of things that can affect a taxpayer’s position in terms of when the taxpayer may be getting the possibility of their tax refund. There are a couple of factors you must keep in mind, such as: 

File Early: Filing your tax return can speed up the processing and potential refund.

Verification Time for Credits: Certain credits, such as Earned Income Tax Credit and Child Tax Credit, may require additional time for IRS verification.

E-Filing vs. Mail: The method of filing, whether electronically or by mail, can affect the time of refund processing.

Existing Debts: Taxpayers with existing debts to the federal government might experience delays in receiving their refunds.

What if the Tax Filing is delayed? 

If your IRS income tax refund gets delayed after you file, you can reach us or simply use the “Where’s my refund” tool on the IRS website to check the status of your refund. We know IRS rules are constantly updating as well. Now, regular taxpayers with the Earned Income Tax Credit, child tax credit, and a few other credits generally have their refunds delayed by one month or so. Meanwhile, the IRS confirms eligibility for these credits. So, here we have the 2024 IRS estimated tax refund calendar.

When and How to Start Tax Planning?

As we have previously mentioned, a couple of things affect how soon you can receive your refunds. It depends on when your 2023 tax return is accepted. So, let’s say the official date to file your  IRS tax return would be January 22. You can file it anywhere between January 22 and January 27. If you choose to receive your refund via direct deposit, it can be sent on February 16, maybe even a little before that.

And then, if you don’t get the bank information inputted, then you might be receiving it by mail, right as a paper check. Though, it seems like that paper check could be sent on February 23. It may also take a couple of weeks for you to receive it in your mailbox.

How Does the IRS Give Tax Deductions?

Taxpayers look for tax deductions to save money and time. For example, it could be the case that you decide to submit your forms anywhere between February 4 through February 10. If your bank information is inputted in your forms, then you can receive your direct deposit from anywhere between March 1. For instance, you can even receive it a couple of weeks after March 8 or so. So, here’s a good calendar you can use as a guideline just to give you a rough idea. Now, the IRS gives you two major choices for lowering your taxable income. We will get an overview of the both in the following:

Standard Deduction 

Most people choose a standard deduction. The standard deduction is a specific dollar amount that the IRS lets you subtract from your adjusted gross income to lower the amount of income you get taxed on, so how much of a standard deduction you’re entitled to depends on your tax filing. 

Itemized Deduction 

The second option is to itemize the deduction. Opting for itemized deductions involves detailing specific expenses on your tax return, such as medical costs, mortgage interest, or charitable contributions. This category of tax deduction provides a potential reduction in taxable income. It requires thorough documentation and compliance with IRS guidelines for eligible expenses.

Most taxpayers opt for the standard deduction simply because it’s less work-demanding than itemizing. However, SG INC CPA urges you also to bear in that it doesn’t mean it’s the right choice for everyone. For your tax planning and preparation, our all-inclusive tax and audit solutions mean to your business and personal tax affairs.