Tax season 2024 explained: Your biggest questions answered

Small business owners can claim higher standard mileage rates for business-related transportation. If you use your car for business purposes, you can deduct 65.5 cents per mile driven during the 2023 tax year. During the pandemic, for the calendar years of 2021 and 2022, business owners were temporarily allowed to deduct 100% of the cost of work-related meals and beverages at restaurants.

• WASHINGTON — The IRS on Monday announced January 29 as the official start date of the 2024 tax season, and expects more than 128.7 million tax returns to be filed by the April 15 tax deadline.
• This time, the delay is for 2023 federal tax returns, confusing payment networks and casual online sellers.
• IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals.
• The IRS announced it will officially begin accepting 2023 tax returns on Monday, Jan. 29.
• The agency said IRS Free File for taxpayers with annual incomes of $79,000 or less will also be available on IRS.gov starting Friday.

Avoid refund delays and understand refund timing

With that in mind and tax season officially here, it’s good to know which bracket you fall into if you don’t already. The good news is tax brackets are tax filing more favorable this year than last due to inflation adjustments. To learn more about what that means for you and your tax bill, see Kiplinger’s guide to the federal tax brackets and income tax rates for 2023 and 2024. And remember, whether you receive a 1099-K or not, the IRS expects you to report all taxable income on your federal income tax return.

Have itemized deductions changed?

You can also get information on your tax year 2022 or 2021 refunds. If you file by paper and are due a refund, you’ll have to wait longer https://www.bookstime.com/articles/real-estate-taxes for your check. Not only do you have to wait for the postal system to deliver your paper return, but processing your return will take longer.

Haven’t filed your tax return lately?

All income, including from part-time work, side jobs or the sale of goods is still taxable. Taxpayers must report all income on their tax return unless it’s excluded by law, whether they receive a Form 1099-K, a Form 1099-NEC, Form 1099-MISC or any other information return. Along with higher standard deduction amounts, the IRS has adjusted the income tax brackets from the 2022 tax year. The income tax bracket changes mean that, as with higher standard deductions, taxpayers can expect to see a slightly smaller tax bill. In 2023, the IRS set Jan. 23 as the official start of tax season, marking the date the agency began accepting 2022 tax returns. Most taxpayers get their refunds within 21 days, which means that people who file their taxes on January 29 — the earliest available day to file a return — should get their payments by February 19.

Tax season bottom line: When are taxes due?

For most taxpayers, the deadline to file their personal federal tax return, normal balance pay any tax owed or request an extension to file is Monday, April 15, 2024. In addition to extended hours during the work week, the IRS will again offer special Saturday hours at many TACs across the country February through May. On these special Saturdays, taxpayers can walk in to receive all services routinely provided at participating offices, except for cash payments.

• The beauty of this is that no matter which bracket you’re in, you won’t pay that tax rate on your entire income.
• However, that isn’t guaranteed, and the IRS cautions that some returns may take more time to review, extending the period beyond 21 days.
• On IRS.gov or the IRS2Go mobile app to see the latest information on your tax return and refund.
• If you have a valid filing extension, those returns will be due Oct. 15, 2024.
• These ongoing updates will allow taxpayers to see more detailed refund status messages in plain language, and they will also ensure Where’s My Refund?
• Many different factors can affect the timing of a refund after the IRS receives a return.
• Certain popular tax credits are adjusted for inflation each year, so it’s possible to qualify for ones you previously didn’t qualify for.