The U.S. Internal Revenue Service (IRS) officially started accepting and processing 2024 tax returns on Monday. Whether you’re eager for a refund or considering a filing extension, here are some important details to simplify the process.
Tax Filing Deadline
The official deadline to file and pay federal taxes to the IRS is April 15, unless:
- You live in a disaster-affected area – The IRS often grants filing and payment extensions for individuals and businesses in these zones. For example, residents of wildfire-affected areas in Los Angeles County have until October 15.
- You need more time to file – You can request an automatic six-month extension, but this applies only to filing, not tax payments. If you owe taxes, April 15 remains the deadline for payment.
Can You File for Free?
The IRS now offers the Direct File program, allowing free tax filing in 25 states, including California, Florida, New York, and Texas. Additionally, private tax software companies offer free filing for individuals with an Adjusted Gross Income (AGI) of $84,000 or less. Active-duty military members meeting this income threshold can use the IRS Free File option at no cost. 
Review Your 2023 Tax Return
Last year’s tax return can help determine the documents needed for 2024, advises Tom O’Saben, director of tax content at the National Association of Tax Professionals.
Documents You’ll Need
Major life changes in 2024 could affect your tax situation and potential refunds:
- Marriage or divorce
- Having a child
- Freelance or side business income
- Selling a home or major investments
- Receiving Social Security benefits or IRA inheritance
- Job loss and unemployment benefits
All these events may impact your taxes and eligibility for deductions.
Gather Your 2024 Tax Documents
Most tax forms are available electronically, so check your emails and online accounts for W-2s, 1099s, donation receipts, and other relevant documents.
New 1099-K Reporting Rules
If you received payments for goods or services via Venmo, CashApp, Airbnb, or Etsy, you’ll now receive a 1099-K form if transactions exceed $5,000 (previously $20,000). If you receive one in error, refer to the IRS guide for corrections.
Electric Vehicle Purchase?
If you purchased an electric vehicle eligible for clean energy tax credits, your dealer should provide Form 15400 – Clean Vehicle Seller Report, required for your tax filing.
State and Local Tax Deduction Limit
Despite proposals to raise the cap, the state and local tax (SALT) deduction remains limited to $10,000 for 2024. Keep this in mind if itemizing deductions.
What to Know About Tax Refunds
Most U.S. taxpayers receive a refund, with the IRS typically processing payments within 21 days of accepting a return. However, those claiming the Earned Income Tax Credit (EITC) won’t receive refunds until mid-February due to federal regulations. Refund status can be tracked via the IRS “Where’s My Refund” tool.
Filing taxes can be complex, but early preparation ensures accuracy, maximizes deductions, and helps avoid delays.
