IRS Announces Start of Tax Season: Key Dates and Information You Need to Know

IRS Announces Start of Tax Season: Key Dates and Information You Need to Know

The Internal Revenue Service (IRS) has officially announced the start of the 2023 tax season, beginning on January 23. This means millions of Americans will be able to file their tax returns and start receiving tax refunds. This year is notable as many citizens will be able to file their returns faster thanks to improved online services and tax preparation programs, making the process easier for those who prefer digital solutions.

Clients can expect refunds to hit their bank accounts within the usual processing time of around 21 days, provided they choose e-filing and direct deposit. The IRS also urges taxpayers not to wait until the last minute to avoid last-minute stress and confusion over deadlines. The deadline for submitting tax returns is April 18, 2024, for all those filing based on the calendar year.

It’s important to note that this season will also be supported by free access to training programs and resources. The IRS provides opportunities for assistance from tax professionals and volunteers ready to help those who may be unsure of the filing process. There are also special schools and training programs for those who need additional help.

The IRS also mentions changes in tax deductions and various credits that may affect refund amounts. As tax laws continually evolve, it is crucial to consult with a professional or check for the latest updates on the IRS's official website to understand what changes may apply to your specific case.

Those filing for tax refunds should not forget to gather all necessary documents. This includes W-2s from employers, 1099 forms for freelancers, and any additional documentation regarding other incomes or deductions. The IRS recommends retaining copies of documents for several years to avoid misunderstandings or issues in the future.

As tax season approaches, the IRS also reminds taxpayers of the importance of protecting their personal information, emphasizing that they should remain vigilant to avoid fraud and cyber threats. It is advisable to use complex passwords and consider enabling two-factor authentication on their online accounts related to taxes.

Thus, taxpayers are preparing for the tax return filing season. Key reminders include important deadlines, resources for assistance, and attention to data security.

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