The deadline for filing your 2023 federal tax return is approaching, with April 15, 2024, being the last day for most taxpayers. However, residents of Maine and Massachusetts have until April 17, 2024, due to holidays in those states. Taxpayers in federally declared disaster areas may also have additional time to file. If needed, you can file for a tax extension, but be sure to pay any estimated amount owed by April 15 to avoid penalties. Most states follow the federal deadline for tax filings, but there are exceptions, so it’s important to check with your state Department of Revenue for specific information.
The 2024 tax season officially began on January 29, 2024, and the IRS has been accepting and processing tax returns for over ten weeks. Employers are required to provide W-2 and 1099 forms to employees by the end of January, so make sure to check your mail for these forms. If you have not received them, contact your company’s HR or payroll department for assistance. Taxpayers who file electronically and are due a refund can expect to receive it within 21 days if they choose direct deposit. Those opting for a paper check will have to wait about 4 to 6 weeks.
For those who need to file for a tax extension, the deadline is also April 15, 2024. While this extension allows more time to complete the necessary paperwork, it does not change the payment deadline. Any estimated amount owed must still be paid by April 15 to avoid penalties. Military personnel serving abroad may also be granted additional time to file their taxes. States with income taxes have varying deadlines for filing, and most adhere to the federal deadline of April 15. However, states like Delaware, Iowa, Louisiana, and Virginia have different deadlines, so it’s essential to check with the state Department of Revenue for updated information.
If you are still in the process of filing your taxes, consider using tax preparation software to streamline the process. There are various options available, so it’s essential to choose one that fits your needs. Additionally, be aware of tax breaks for homeowners that can help reduce your tax liability. The IRS website provides resources and information to assist taxpayers in filing their returns and tracking their refunds. Taking the time to understand important tax dates and deadlines can help you avoid penalties and ensure a smooth filing process.
