The United States is currently in the midst of the 2023 tax season, with the Internal Revenue Service (IRS) processing a large volume of tax returns. It is estimated that over 128 million Americans will file their taxes before the set deadline.
Understanding the complexity and often cumbersome nature of tax filing, the IRS provides several electronic tools to aid taxpayers. Notably, Free File and Direct File are available to assist in tax preparation and are accessible in both English and Spanish.
Tax filing serves dual purposes: it is not only for reporting income and paying necessary taxes to the IRS but also for claiming various government-offered tax credits. Many of these credits are refundable, meaning that taxpayers can benefit from filing their tax returns even if they do not owe any taxes.
Here are the critical deadlines for the 2024 tax season:
- January 16: Deadline for paying estimated tax for 2023.
- January 29: IRS starts to accept and process tax returns.
- April 15: Final date to file taxes (except for those in Maine and Massachusetts, who have until April 17). This date also marks the deadline to request an extension for filing 2023 taxes.
- October 15: Deadline to file 2023 tax return for those who received an extension.
Regarding tax refunds, the IRS typically issues refunds within 21 business days for electronic returns with direct deposit. For those filing paper returns and expecting refunds via mail, the waiting period can be between six to twelve weeks. Taxpayers can use the IRS’s “Where’s my refund?” tool on their website to track the status of their refunds.
