The IRS announced on Monday that Americans can officially begin filing their individual income tax returns for 2023 on January 29.
Most taxpayers have until Monday, April 15 to submit their returns or request an extension. However, the agency encourages Americans to start working on their tax returns as soon as possible, especially if they expect to receive a refund.
The majority of taxpayers can usually expect to receive a refund from Uncle Sam.
For many families, that money can be significant. Nearly three-quarters of filers received a tax refund in 2023, with the average payment worth about $3,176.
To receive your refund within 21 days of filing, the IRS has warned that you must file your return electronically, ensure that it is accurate and complete and request to receive your refund by direct deposit.
The IRS expects to receive more than 128.7 million individual tax returns by the end of the year.
The “Free File” tool, which offers free tax preparation services to eligible taxpayers, will open on January 12 and remain available through the October tax extension deadline. Taxpayers are eligible for service with an adjusted gross income of $79,000 or less for 2023.
The IRS announced that people can start filing their taxes on January 29. Getty Images/iStockphoto
If you are an individual, you can request an extension online by filling out Form 4868 using the Free File tool. You must submit the form by April or print the form and mail it to the IRS address for your state, making sure it is postmarked by April 15th.
Once you file the extension, you have until Oct. 15. 2024, to file your taxes.
The start of tax season comes as the agency begins an $80 billion funding overhaul aimed at modernizing technology, improving customer service, delivering real-time alerts, improving customer service and tackling the so-called tax gap by increasing enforcement of the wealthy.
The funding stimulus stems from the Inflation Reduction Act, signed into law by President Biden in 2022.
“As our transformation efforts progress, taxpayers will continue to see significant improvements in IRS operations in the coming filing season,” IRS Commissioner Danny Werfel said in a news release. “IRS employees are working hard to ensure that the new funding is used to help taxpayers by simplifying the tax preparation and filing process.”
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Source: thtrangdai.edu.vn/en/
