This form replaced 1099-MISC, which remains in effect for income received from rent and prizes, among other sources. Shortly after that report, as directed by the Treasury Department, the IRS assembled a team of tax experts, technologists, engineers and strategists from across government to build the Direct File system. Digital Service and the General Services Administration’s technology office 18F to build and test Direct File. Tax Season Professional Software allows you to handle taxes in a secure and professional manner. At the very least you should have general information, such as Social Security numbers, driver’s license information and the amount of estimated taxes paid during the year. Also, if you are age 65 or older, you can take advantage of the extra standard deduction.
So, stay tuned to potential tax credit changes that could come at the last minute from Capitol Hill. To learn more about what Congress is discussing, see Kiplinger’s coverage tax season of the bipartisan tax deal. There are several key changes and inflation adjustments to retirement plans—and some of those changes could impact your tax bill in 2024.
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The last day to file taxes for individual federal income tax returns is usually April 15 unless this falls on a Saturday, Sunday or official holiday. Some state-level holidays can extend the tax deadline by another day. You can request a six-month extension by filing Form 4868, making your last day to file individual income taxes October 15, or the next business day if this is a weekend or holiday. Although the IRS will not officially begin accepting and processing tax returns until Jan. 29, people do not need to wait until then to work on their taxes if they’re using software companies or tax professionals.
In instances where this due date falls on a Saturday, Sunday, or legal holiday, the due date is moved to the next business day. Late payment penalties are generally 0.5% of the unpaid tax per month, though that can build to as much as 25%. (The amount is cut considerably if you work out a payment agreement with the IRS.
Tax season 2023: Here’s everything you need to know about deadlines, refunds, audits and more
If your business runs on a non-calendar tax year, your federal tax return is generally due by the 15th day of the third month following the end of the company’s fiscal year. If you need more time because you live in an area hit by a natural disaster, you might qualify for tax relief from the IRS. The IRS often postpones the tax filing deadline for taxpayers who live in or have a business within a federally declared disaster area. Just keep in mind, the tax extension gives you more time to file your return, not more time to pay the tax you owe. You’ll need to estimate the amount you owe and make your payment by the tax filing deadline even if you file an extension.
Along with filing an amendment using Form 1040-X, you’ll also need to include copies of any forms and/or schedules that you’re changing or didn’t include with your original return. If you’re waiting for a tax refund, the fastest way to get your money is to have it electronically deposited into your bank account. The IRS typically issues 90% of refunds in less than 21 days when taxpayers combine direct deposit with electronic filing. The start of tax season is generally one of two peak times for the IRS, as people with relatively simple tax filings and those expecting big refunds often file as soon as possible. Many people, though, might not have all the paperwork they need at the start of filing season or delay their filing if they expect to owe taxes. Nobody expects you to spend three and a half months working on your taxes.