With the holidays in the rearview mirror and 2024 fully underway, employees will likely be finding their W-2 forms in the mail from their employers within the next few weeks, meaning tax season is quickly on the way.
Many hoping for a sizable return are likely thinking about filing early, but what exactly will you need?
While the Internal Revenue Service has yet to announce when it will begin to accept returns this year, it will likely be in late January based on recent years, with processing of returns beginning on Jan. 23 in 2023.
For the first time since 2019, the due date for tax returns will fall on the traditional tax day of April 15.
In 2020, the deadline for taxes was pushed back to July 15 because of the COVID-19 pandemic, while the 2021 due date fell on May 17 for the same reason. The deadline fell on April 18 in both 2022 and 2023 because of the observance of Emancipation Day in Washington, D.C.
If you pay quarterly taxes, due dates are listed below.
Jan. 1-March 31 pay period: April 15
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April 1-May 31 pay period: June 15
June 1-Aug. 31 pay period: Sept. 15
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Sept. 1-Dec. 31 pay period: Jan. 15 of the following year
Often feel overwhelmed when tax time rolls around?
The IRS has a number of tips, tricks and resources to help make the process easier. For questions about who needs to file a tax return, the best filing status to use and who you can claim as a dependent, filers are encouraged to use the Interactive Tax Assistant on the IRS website.
Low-to-moderate income workers and families may receive a larger refund than expected through the Earned Income Tax Credit. A separate online tool is available to determine eligibility and the estimated amount of credit. Additional resourecs can be found here.
