{"id":2162199,"date":"2024-01-29T16:26:02","date_gmt":"2024-01-29T21:26:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tax-season-2024-your-guide-to-deadlines-filing-and-refunds\/"},"modified":"2024-01-29T16:29:28","modified_gmt":"2024-01-29T21:29:28","slug":"tax-season-2024-your-guide-to-deadlines-filing-and-refunds","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tax-season-2024-your-guide-to-deadlines-filing-and-refunds\/","title":{"rendered":"Tax season 2024: Key dates, filing tips, and refunds explained"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftax-season-2024-your-guide-to-deadlines-filing-and-refunds%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2162199&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The 2024 Tax Season: What You Need to Know<\/h2>\n<p>The\u2063 2024 tax season is officially \u200bunderway! The IRS began accepting tax returns on Monday, Jan. 29, and will continue to do so until \u2062April 15. Here&#8217;s everything you need to know before Tax\u2062 Day.<\/p>\n<h3>Online or Paper Filing?<\/h3>\n<p>While \u2064you can still fill \u200cout a tax form by hand and mail it in, we highly recommend \u2062filing your taxes electronically. It&#8217;s not\u200b only faster \u2062but also safer. If you choose to\u2063 file a\u2062 paper tax return, it can take up to eight weeks to receive your refund. However, if \u200cyou file\u2063 online, \u200bthe IRS can process your forms in as little as three weeks, and even faster if \u2064you\u2064 opt for direct \u200ddeposit.<\/p>\n<p>According to the IRS, refunds are typically issued within \u206321 days. So, if you file your taxes electronically on Jan. 29, \u200cthe earliest you can expect to receive your refund is Feb.\u200d 19.<\/p>\n<h3>What Documents Do I \u2062Need?<\/h3>\n<p>Whether \u200byou&#8217;re filing \u2063your taxes \u2062yourself or\u200c seeking help from a tax preparer, you&#8217;ll need certain documents depending on your \u2063employment status. Everyone must \u2064have their Social Security number, as well as their spouse&#8217;s and dependents&#8217; if applicable. Additionally, you&#8217;ll need your\u2062 federal and state income tax information from the previous year.<\/p>\n<p>If you&#8217;re employed, you&#8217;ll need a W-2 form. Unemployed individuals will require a 1099-G, while self-employed individuals will need a \u20641099 form.<\/p>\n<p>For a comprehensive list of all \u200dnecessary tax \u2063documents,\u200c visit the IRS website.<\/p>\n<h3>Consequences of Missing the Deadline<\/h3>\n<p>If you fail to\u2064 file\u2062 your taxes\u200c or miss the deadline without requesting \u2064an extension, you&#8217;ll \u2062be subject\u2062 to a failure to \u200cfile penalty. This penalty amounts to 5% \u2064of your unpaid taxes for each \u200dmonth \u2064your return is late. Additionally, if you miss the deadline \u200dto pay, a failure to pay penalty applies, which is 0.5% of the unpaid taxes for each month your payment \u2063is late. The combined penalty won&#8217;t exceed 25% of your taxes, but both penalties incurred simultaneously will result in a different percentage penalty.<\/p>\n<p>You can\u2063 file for a tax extension\u2062 by Tax Day, which grants you an \u2062additional six months to file.\u2062 However, keep in mind that you&#8217;ll still need to pay your taxes on the original due \u200cdate.<\/p>\n<h3>Child Tax Credit and Its\u2062 Impact<\/h3>\n<p>If the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/obamas-top-economist-unemployment-benefits-not-lack-of-childcare-could-be-harming-recovery\/\" title=\"Obama\u2019s Top Economist: Unemployment Benefits, Not Lack Of Childcare, Could Be Harming Recovery\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">child tax credit<\/a> expansion<\/a> is enacted, families could potentially receive a tax cut of $680 for 2023, according to the Urban-Brookings Tax Policy Center.<\/p>\n<p>Will Your Tax Refund Be \u200cBigger in 2024?<\/p>\n<p>This year, taxpayers may \u2062see larger refunds, especially if their\u2064 income didn&#8217;t keep\u200d up with inflation and pushed them into a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenflation-tax-costing-americans-5k-per-year\/\" title=\"Bidenflation \u2018Tax\u2019 Costing Americans K Per Year\">higher tax bracket<\/a>. Mark Steber, the chief tax information officer at Jackson Hewitt, stated that \u2064some individuals could experience a 10% increase\u200b in tax refunds this year. This is a welcome change for taxpayers who\u2064 saw a 2.6% decrease in tax refunds last year. In 2023, the average tax refund was $3,167, as reported by CBS News.<\/p>\n<p>For more information, <a href=\"https:\/\/www.washingtonexaminer.com\">click here<\/a> \u200cto read the full article from The Washington Examiner.<\/p>\n<p> <\/p>\n<h2> What forms or documentation do employees need to gather in order \u200bto report their \u200dearnings and taxes withheld for the year?<\/h2>\n<p><span>  If you are an employee, you will need your W-2 \u200cform, which shows your earnings and taxes withheld \u2062for the year. Additionally, if you have any\u2064 other sources of income, such as freelance work or rental properties, you will\u200d need\u2063 any relevant forms\u2064 or documentation to report that income.<\/p>\n<p>If you are self-employed, you will need to gather your business records, including receipts, invoices, and records of \u2062any expenses related to your business. You may also need to provide\u2062 a schedule of your income and expenses.<\/p>\n<p>For those who have investments, you will need any forms related to those investments, such as 1099 forms for dividends or capital gains.<\/p>\n<p>It&#8217;s essential to keep all these documents organized \u2063and \u200dreadily accessible when it&#8217;s time to file your taxes. Having everything prepared in\u2064 advance\u2064 will make the filing process \u200dsmoother and\u200b more efficient.<\/p>\n<h3>Changes to Tax Laws<\/h3>\n<p>It&#8217;s\u2063 crucial to stay informed about any changes to tax laws that may affect your tax \u2063return for the 2024 tax year. The \u2064tax code \u200dis subject to revisions and updates, and being aware of any changes can help you maximize your deductions and \u2062credits.<\/p>\n<p>For the 2024 tax season, there are a few notable changes to be aware of:<\/p>\n<p>1.\u2064 Standard Deduction: The standard deduction has increased slightly, so if you do not \u2063itemize your deductions, you may be able to reduce your taxable income by a higher amount.<\/p>\n<p>2. Tax Brackets: The income ranges\u200c for each tax bracket have been \u200badjusted \u200dfor inflation. Make sure\u200d to check the updated tax brackets to ensure you are aware of your <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/5-reasons-making-taxpayers-pay-off-student-loans-is-a-rotten-idea\/\" title=\"5 Reasons Making Taxpayers Pay Off Student Loans Is A Rotten Idea\">marginal tax rate<\/a>.<\/p>\n<p>3. Retirement Contributions: The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tax-filing-season-starts-today\/\" title=\"Tax Filing Season Starts Today\">annual contribution limits<\/a> for retirement accounts, such as 401(k)s and IRAs, have increased. Take advantage of these increased limits to save more for your future retirement.<\/p>\n<p>It is always advisable to consult with a tax professional \u200dor utilize available resources to keep up\u2063 with any changes to the tax laws that may impact \u2062your specific situation.<\/p>\n<h3>Important Deadlines<\/h3>\n<p>The deadline to file your federal tax return\u2064 for the 2024 tax \u200cseason is April 15, 2024. However, if you need more time, you can file for an \u200bextension. Keep in mind that an extension only\u2062 applies to the\u2063 filing deadline, not the payment \u200cdeadline. If you \u2062owe taxes, you are still required to pay by the original \u200ddeadline\u2064 to avoid penalties and interest.<\/p>\n<p>If you choose to file an extension, \u200cthe new deadline to submit your tax return will be October 15, 2024. However,\u2062 it is recommended to file your taxes as early as possible to avoid any last-minute stress and to ensure a timely refund if applicable.<\/p>\n<h3>Conclusion<\/h3>\n<p>As the\u2064 2024 tax season begins, it&#8217;s important \u2064to be well-prepared and informed. Filing your\u200d taxes \u200celectronically,\u200c gathering all necessary documents, staying updated on tax \u200dlaw changes, and meeting important deadlines are key to a smooth tax season.<\/p>\n<p>Remember to consult with a tax \u2064professional for personalized\u2064 guidance\u200d and to ensure you are taking full advantage of any deductions and credits available to you.\u2062 By taking the time to \u200dproperly prepare and file your taxes, you can have peace of mind and potentially receive a timely tax refund.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IRS began accepting tax returns on Jan. 29 and will do so until April 15 for the 2024 tax season. Here&#8217;s what you need to know about filing your taxes before Tax Day: Should I file online or on paper? You have the option to complete a tax form either electronically or manually<\/p>\n","protected":false},"author":2669,"featured_media":2162200,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2162199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2162199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2669"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2162199"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2162199\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2162200"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2162199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2162199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2162199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}