The 2024 tax filing season brings with it important dates and closing dates to hold in mind as you navigate your federal income tax responsibilities. While April 15 is historically known as the tax cut-off date, it’s vital to stay knowledgeable approximately any ability changes. In 2022, for instance, the cut-off date become April 18 due to a federal holiday.
Here is a breakdown of key dates for the 2024 tax season:
- January 16, 2024: Deadline for the 4th Quarter Payment of 2023 anticipated tax payments.
- January 24, 2024: Official begin of the 2023 tax season. The IRS begins accepting each paper and electronic tax returns, initiating the processing phase.
- January 28, 2024: Earned Income Tax Credit Awareness Day, dedicated to raising attention about to be had tax credit.
- January 31, 2024: Deadline for filing 1099 paperwork, such as 1099-NEC for nonemployee reimbursement, with the IRS.
- February 15, 2024: Last day for individuals to post a brand new Form W-4 to their employers in the event that they claimed exemption from profits tax withholding in the previous year and desire to hold the exemption.
- March 15, 2024: Annual tax returns cut-off date for multimember restrained legal responsibility organizations, partnerships, and S Corporations.
- April 15, 2024: Due date to document 2023 federal earnings tax returns for people and C organizations. Additionally, it marks the first Quarter Payment cut-off date for 2024 estimated tax bills for those making quarterly payments with the 1040-ES.
- June 17, 2024: second Quarter Payment closing date for 2022 anticipated tax payments for the ones making quarterly payments with the 1040-ES.
- September 16, 2024: 3rd Quarter Payment closing date for 2024 anticipated tax bills for those making quarterly payments with the 1040-ES.
- October 15, 2024: Final cut-off date for tax return submitting for people who asked an extension.
It’s important to stay prepared and aware about those dates to make certain a smooth and timely tax submitting procedure.
When Will You Get Your Tax Refund? Request Direct Deposit for a Faster Tax Refund
When anticipating your tax refund, it’s essential to consider the processing time, which is typically less than 21 calendar days as per the Internal Revenue Service (IRS). The method of filing your federal return and your chosen refund option play a significant role in the overall processing duration, affecting the tax refund schedule.
Opting for electronic filing and choosing electronic refunds expedites the process. Online filing options are recommended for a faster turnaround compared to traditional paper filing and refund payment methods. The IRS encourages tax professionals to advocate for electronic filing, emphasizing its speed and enhanced security.
Paper tax returns, in contrast, take the longest to process, with the IRS potentially requiring six months or more to handle a refund for those who filed via paper.
It’s crucial to note that selecting a paper check for your refund can introduce delays in processing. In such cases, individuals may need to wait at least 6-8 weeks for the tax refund check to be delivered.
For the swiftest tax refund, the IRS recommends requesting direct deposit. Once the IRS approves your refund, wait for approximately 5 days before checking with your bank. The dates provided below offer an estimate of when you might receive your tax refund based on filing timing and refund preference:
- Electronic Filing (Direct Deposit): Typically less than 21 calendar days.
- Paper Filing (Paper Check): Potential processing time of 6 months or more.
Selecting the right filing method and refund option is key to expediting your tax refund and ensuring a smoother financial process.
| When the IRS accepted your tax filing | When the IRS will send your direct deposit | When the IRS will mail a paper check |
|---|---|---|
| The week of Jan. 22 | Feb. 2 | Feb. 9 |
| The week of Jan. 29 | Feb. 9 | Feb. 16 |
| The week of Feb. 5 | Feb. 16 | Feb. 23 |
| The week of Feb. 12 | Feb. 23 | March 1 |
| The week of Feb. 19 | March 1 | March 8 |
| The week of Feb. 26 | March 8 | March 15 |
| The week of March 4 | March 15 | March 22 |
| The week of March 11 | March 22 | March 29 |
| The week of March 18 | March 29 | April 5 |
| The week of March 25 | April 5 | April 12 |
| The week of April 1 | April 12 | April 19 |
| The week of April 8 | April 19 | April 26 |
| The week of April 15 | April 26 | May 3 |
The IRS makes it easy to check your tax refund status once you file your federal tax returns. Go to Where’s My Refund? on irs.gov to look up your refund status. You’ll be able to see its status within 24 hours of e-filing your federal returns for the 2023 tax year. (Give it a few days with an e-filed return from a previous tax year and six months if you’re filing by paper.)
There is a possibility that the IRS might issue a paper check instead of a direct deposit refund, especially if you requested the latter. This is because the IRS has a limit of three refunds that can be deposited into a single financial account. Additionally, electronic deposits are only made into accounts held in your name, your spouse’s name, or joint accounts.
It’s important to note that your financial institution may reject a direct deposit for various reasons of its own. Therefore, it’s wise to be aware of these factors that could influence the method through which you receive your tax refund.
Important Dates for Self-Employed, Independent Contractors, Gig Workers in Individual Taxation
For individuals engaged within the gig economic system, operating as independent contractors, or being self-hired, it’s crucial to be aware of particular tax responsibilities and closing dates. Since income from these resources generally lacks automatic tax withholding, quarterly tax bills emerge as essential. The time-table for these payments is as follows:
- First price: Due on April 15.
- Second fee: Due on June 15.
- Third fee: Due on September 15.
- Fourth payment: Due on January 15 of the following 12 months.
To streamline the tax filing technique, take into account the following suggestions:
Organize Your Tax Documents: Keep all tax records, whether obtained bodily or digitally, in one region. This guarantees clean get entry to and employer.
Check Your IRS Account Online: Utilize on line resources to access man or woman tax return data, overview payments, and verify private information. Ensure that your deal with and different information are updated.
Wait Until You Have Everything: Before submitting your tax returns, make certain you have all essential statistics, together with
Form W-2
Form 1099 for various earnings resources
1095-A for health insurance coverage.
If you discover it hard to satisfy the April 15 cut-off date, consider submitting an Extension Form 4868 for an automatic six-month extension. Along with the shape, make an anticipated tax payment to prevent consequences and interest. Your new tax deadline will then be prolonged to October 15, 2024, however it’s essential to pay any owed taxes promptly to keep away from accruing hobby. Waiting to report may delay ability tax refunds, and it’s vital to word that deductions do not acquire hobby throughout this era. Planning and organization play key roles in making sure a easy tax filing process and potentially speeding up the refund process.
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