As tax season begins, the IRS expects over 128.7 million individual tax returns to be filed by April 15, 2024. To make the process smoother and maximize your refund, there are several tips to keep in mind. Utilizing the IRS Free File Guided Tax Software service can help taxpayers access free software products provided by IRS Free File trusted partners. This service can be accessed on IRS.gov, making it convenient for millions of taxpayers across the nation.
Tracking your refund online is another important tip to ensure a smooth tax season. The IRS’s “Where’s my refund? tool” at IRS.gov/refunds and the IRS2Go app allow taxpayers to easily check the status of their refund within 24 hours of e-filing their return. This tool also provides a personalized refund date after the IRS processes and approves the return, eliminating the need to call the IRS to inquire about the status of the refund.
Checking your withholding is crucial, especially if you have only one source of income. Adjusting your withholding can prevent overpaying in payroll taxes and may result in a larger refund. The IRS encourages taxpayers to perform a quick “paycheck checkup” using the Withholding Estimator to ensure they have the right amount of withholding for their personal situation.
For taxpayers and businesses impacted by a disaster, there are special tax law provisions in place to help recover financially. Especially in cases where the federal government declares a location as a major disaster area, the IRS may grant additional time to file returns and pay taxes. To find the most recent tax relief provisions for disaster-affected taxpayers, individuals can visit the Tax relief in disaster situations page on the IRS website.
Filing electronically is recommended for a faster refund, and to protect personal information, the IRS assigns a unique IP PIN to taxpayers. This six-digit number prevents someone else from filing a tax return using the taxpayer’s Social Security number or Individual Taxpayer Identification Number. The IP PIN is known only to the taxpayer and the IRS, helping verify the taxpayer’s identity when filing a return electronically or by paper. Even if a taxpayer does not have a filing requirement, an IP PIN can still protect their account.
Overall, by utilizing IRS software, tracking refunds online, checking withholding, researching disaster relief provisions, and filing electronically with an IP PIN, taxpayers can make the tax season more manageable and potentially maximize their refund. These tips can help individuals navigate the complexities of tax season and ensure their financial well-being.
