2024 tax season deadlines you should know
The US is in the middle of tax season. Here are the deadlines that taxpayers must keep in mind to avoid getting refunds late or incurring penalties.
The US is in the middle of tax season, with the Internal Revenue Service busy receiving and processing tax returns for fiscal year 2023. According to IRS estimates, more than 128 million people are expected to file their returns before the deadline.
Since filing taxes is usually a tedious and somewhat complicated procedure for some people, the tax agency has a series of electronic tools to facilitate the process for taxpayers. Among these are Free File and Direct File, both of which are used for tax preparation and are available in both English and Spanish.
In addition to declaring your income to the IRS and paying the respective taxes on it, the declaration also serves to request one of the many tax credits offered by the government. Many of these are refundable, so filing your declaration can bring several benefits even if you are not required to pay taxes.
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2024 tax season deadlines you should know
The IRS offers a period of almost three months so that taxpayers can file their return in a timely manner. However, those who cannot submit their declaration before the deadline can request a six-month extension to complete the process. This request only applies to submitting the declaration and not to paying taxes. Here are all the key dates for the 2024 tax season.
- January 16: Deadline to make the payment of the estimated tax 2023
- January 29: The IRS begins receiving and processing returns
- April 15: Deadline to file taxes, except for Maine and Massachusetts taxpayers, who have until the 17th. It is also the deadline to apply for an extension to file taxes for the year 2023.
- October 15: Deadline to file 2023 tax return, if you requested an extension
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When does the tax refund arrive?
It takes the IRS about 21 business days after it receives and processes your tax return to issue your refund. This period only applies to electronic returns awaiting reimbursement via direct deposit. If you carried out the process through a paper return and are waiting for the refund via postal mail, the waiting period will take anywhere from six to 12 weeks. You can track your refund through the “Where’s my refund?” tool on the IRS website.