On January 29the Internal Revenue Service will start receiving and processing tax returns for the year 2023. By the time of the tax deadline on April 15, 2024the IRS anticipates that over 128.7 million people’s tax returns will be filed.
IRS Acceptance Date 2024
The IRS releases the date taxpayers can begin filing their yearly returns at the beginning of each year; this is a much-anticipated event since many employees will receive their refunds in weeks.
As announced by the IRS on Monday, individuals will have until April 15 to file the benefits since the submission of taxes season will begin on January 29. Those who require more time can still ask for an extension, which extends the deadline for filing until the middle of October.
Due to Patriot’s Day and Emancipation Day holidays in Maine and Massachusetts, taxpayers have until April 17 to file their taxes. Living in places designated as disasters by the federal government may also provide them more time to file.
When most taxpayers have until April 15 to complete their forms, the IRS said it anticipates filing more than 128.7 million person tax returns.
The following dates are important for the 2023 tax year:
- January 12 is the opening of the IRS Free File
- January 16 is the deadline for 2023 fourth quarter predicted tax payments
- January 29 is the start of the individual tax return filing season
- April 15 is the deadline for filing tax returns or requesting expansions for the majority of the country
- April 17 is the deadline for Maine and Massachusetts
- October 15 is the deadline for those filing extensions.
How Much Time Will the IRS Take for Tax Returns in 2024?
The quickest way to receive a refund is through electronic filing, which can process refunds in as little as 21 days. Paper filings, on the other hand, may take several days to process. It is suggested that the time for filing claims for the tax year 2023 open on January 29, 2024.
The reimbursement must pass through three phases after it is filed: acceptance, approval, and sending. The refund of the individual filing on January 29, 2024, for tax year 2023 will be accepted the same day and approved after six days.
The refund filer will receive the money by February 3, 2024, if they choose direct deposit as their method of receiving the money. If they choose to receive the money via paper check, it will take an additional seven days.
What if You do not File an IRS Return by the Deadline of 15 April 2024?
Taxpayers should start preparing early because the IRS will start taking returns on January 29th, 2024. To process tax returns quickly and file them on time, this early part of the tax season, which began on January 29, is essential.
Taxpayers should set a reminder on their calendars and get ready to file early because this start date is particular. You must file your IRS return on time. If you are unable to file your IRS return by 15 April 2024 then you will be able to file an extension.IRS announced that October 15, 2024, is the deadline for those filing extensions.
What are the IRS Early Filing Benefits?
The IRS urges taxpayers to file their tax forms as early as possible since doing so can result in faster refunds, less chance of theft of identification, and more opportunity for those who owe taxes. Some of the advantages of early filling are below.
Faster Refund
- If you plan to receive a refund, you can use the money sooner for savings, goals related to your finances, or unforeseen costs. Your refund may arrive in your bank accounts by February or March if you file in January.
Prevent Processing Errors
- Processing times are shortened since early filers are handled first. Near the deadline, the IRS may become overburdened, which could prolong the wait times for refunds.
Possibility of Tax Planning
- It is more difficult for criminals to file if you file early because it guarantees that your valid return is on file first. Early filing reduces the window of opportunity for fraud.
Decreased Stress
- Early filling Steer clear of the last-minute rush and mistakes brought on by pressure to finish quickly.
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