Tax season has officially begun: what you need to consider when preparing your 2024 tax return

On January 27, the Internal Revenue Service (IRS) began accepting and processing tax returns for 2024. If you're anxious to get your refund or just want to understand the maximum tax filing deadlines, CNN explains what needs to be done for this.

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Find out the maximum deadlines for submitting documents

The official deadline to file and pay taxes this year is April 15, unless you:

1. You live in a federally recognized disaster area. For residents and businesses in such areas The IRS generally provides extensions for filing and paying taxes and other federal tax obligations for a specified period.
   For example, the filing of declarations and payment of taxes was extended until October 15 for residents of districts affected by forest fires. in the Los Angeles area.
2. You cannot or do not want to file a tax return by April 15.
   In this case, it is necessary to submit request for an automatic six-month extension to file your return. But the extension only applies to filing your return, not paying your taxes. If you owe the IRS for 2024, you still have until April 15 to pay it.

On the subject: Nine States Cut Taxes in 2025: Which Regions Will Save Money?

Find out if you can file your tax return for free

Program IRS Direct File is now available in 25 states, up from 12 last year when it was piloted.

It included Alaska, Arizona, California, Connecticut, Florida, Idaho, Illinois, Kansas, Maine, Maryland, Massachusetts, Nevada, New Jersey, New Hampshire, New Mexico, New York, North Carolina, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Washington State, Wisconsin, and Wyoming.

Additionally, IRS cooperates with private tax preparation companies. They offer free filing for those who qualify. This typically includes taxpayers with adjusted income (AGI) of up to $84.

Active military members with an AGI of $84 or less in 000 can file and prepare their returns for free with IRS Free File, according to tax service data.

Review your 2023 tax return

Your return from the previous year will be a good starting point for determining what documents you'll need to file your 2024 return, said Tom O'Saben of the National Association of Tax Professionals.

Make a list of changes that will happen in 2024

• Marriage or divorce
• Birth of a child
• Starting an extra job to increase your income
• Sale of real estate or major asset
• Starting to receive Social Security or an inherited IRA
• Losing a job and receiving unemployment benefits

Significant changes in your life or income can directly impact your tax liability—from the amount of tax credits you receive to the size of your refund or the amount of additional tax you have to pay.

Collect all tax documents for 2024

Some tax documents for 2024 may be available on paper, while others will only be available electronically. Check your mail, email, and relevant online accounts to make sure you have received all the necessary forms: W2s, 1099s, donation slips, and other income information from banks, brokers, employers, charities, etc.

Please note the new 1099-K forms

If you received payment for goods or services through payment apps or online platforms like Venmo, CashApp, Airbnb, or Etsy, you may receive a Form 1099-K to report the transactions if they totaled more than $5000 for the year (the threshold was previously $20).

It's possible to get a 1099-K even for smaller transaction amounts, especially if you live in Maryland, Massachusetts, Vermont, or Virginia, where the threshold is $600.

If you received a Form 1099-K in error (for example, if it includes personal transactions), review with this IRS documentto find out how to fix the situation.

However, the IRS expects you to include all information from the 1099-K forms you receive on your 2024 tax return. Errors can be corrected when you file your return using Appendix 1 (Schedule 1) or by filing a corrected return later but before the maximum filing deadline (to avoid penalties if you owe tax).

Bought an electric car? Check out this form

If you purchased an electric vehicle that qualifies for the Clean Energy Credit or Used Clean Vehicle Credit, your dealer must send you and the IRS Form 15400, known as Clean Vehicle Seller Report. Information from this form must be included with your return in order for you to claim or qualify for the applicable credit, according to the National Association of Tax Professionals (NATP) guidelines.

What You Need to Know About State and Local Tax Deductions

There's a lot of talk about increasing the state and local tax deduction, but that doesn't apply to 2024 filings. Lawmakers could change that credit in the future, but for now it's staying at $10.

You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York

What You Need to Know About Your Potential Tax Refund

Many declarants are in a hurry to submit their applications in order to receive return. Most U.S. taxpayers receive it within 21 days of the date your return is accepted by the applicable service.

However, if you file a return with the Earned Income Tax Credit (EITC), the IRS is legally unable to issue refunds related to that credit until mid-February.

To track the status of your refund after you file, you can use the IRS tool Where's My Refund?.

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