MATTER OF TAX: Important 2024 Dates

MATTER OF TAX: Important 2024 Dates

February 06, 2024

The 2024 tax season is upon us, and it's time to get prepared for filing your taxes. Whether you're a seasoned taxpayer or a first-timer, understanding the key dates and procedures will help you navigate the process smoothly. Here's a guide to help you through Tax Day 2024.

When Can I Start Filing My 2023 Tax Return?

The IRS has announced that the 2024 tax season will officially begin on January 29. This means that starting on this date, the IRS will start accepting and processing tax returns. If you're eager to get a head start, using tax software allows you to enter the information you have before the official start date. Additionally, you can submit your tax paperwork to a tax professional ahead of time.

Employers are required to send W-2 and 1099 income tax forms to employees by the end of January. Ensure you check your mailbox regularly to receive these essential documents.

What's the Deadline for Filing a 2023 Tax Return with the IRS?

The official deadline for filing federal tax returns for the 2023 tax year is Monday, April 15, 2024. It's crucial to mark this date on your calendar to avoid any penalties or late fees. Be diligent in gathering all necessary documents and information to file your return accurately and on time.

Keep in mind that the IRS does offer extensions in case of unforeseen circumstances. If you're serving abroad in the military, you may be granted additional time to file.

Deadline for Tax Extension

If you find yourself needing more time to complete your tax paperwork, April 15 is also the deadline to file a tax extension with the IRS. However, it's essential to note that getting an extension doesn't change the payment deadline. You must still submit any amount you owe on time to avoid late penalties. The extension provides until October to complete the necessary paperwork.

When Can I Expect My Refund?

For those filing electronically and expecting a refund, the IRS states that it typically takes around 21 days to process refunds. This timeline applies to those who opt for direct deposit and have no issues with their return.

By law, the IRS must wait until mid-February to issue refunds to taxpayers who claimed the earned income tax credit or additional child tax credit. If you fall into this category and use direct deposit with no other issues, you can anticipate receiving your refund by February 27, 2024.

State Taxes and Other Considerations

While a majority of states follow the federal government's tax timetable, some have their own schedule. It's essential to be aware of your state's specific deadlines and requirements for filing state taxes.

As Tax Day approaches, staying organized and informed will ensure a smooth filing process, allowing you to meet deadlines and make the most of any potential refunds.

Should you have any questions regarding this information, or anything related to your investment portfolio, retirement accounts, or your 2023 taxes, please feel free to reach out to us directly at (310) 270-9033.

- Arise Private Wealth, your South Bay, CA Financial Advisors

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The information contained in this newsletter is for general use, and while we believe all information to be reliable and accurate, it is important to remember individual situations may be entirely different. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. This newsletter is written and published by Financial Media Exchange, Plymouth MA. Copyright © 2023 Financial Media Exchange LLC.,. All rights reserved. Distributed by Financial Media Exchange.

Important Disclosures:
Content in this material is for educational and general information only and not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by Financial Media Exchange LLC.
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