Tax forms, changes, deadlines and refunds. Whether you’re starting or finishing your 2023 1040, we’ve got tips to see you through the 2024 tax filing season.By Kelly Phillips Erb, Forbes Staff
Compared to the depths of the Covid-19 pandemic, when Congress was shoveling out stimulus checks while the Internal Revenue Service was buried in unopened letters and paper tax returns, this year’s filing season is running smoothly. But as always, there are new and last minute twists, on top of the already complicated tax code, to confound taxpayers. One biggie this year: A bill that would retroactively boost the 2023 child tax credit has passed the House, but has stalled in the Senate–and is likely the reason more families than usual are waiting to file their 1040s. Other current sources of confusion include crypto reporting rules; a bumper crop of new tax credits for electric vehicles and other green purchases; expanded 1099-K reports (those have been mercifully delayed); and changing start dates for required distributions from retirement accounts.
Forbes has advice on all of these matters, as well as some timely tips on who should file, how to do so for free, how to correct mistaken tax forms and much more, including whether to apply for an extension that gives you an extra six months to file. (The IRS expects to receive 146 million 1040s this year, with more than 17 million of them coming in after the official April 15 deadline.)
What if, by contrast, you’re an early bird who has already filed your 1040 and anxiously awaiting a refund? If you e-filed and provided the IRS with a bank account for direct deposit, you’ll normally receive your money within 21 days and often sooner–assuming your return is in good shape. The best way to check the status of your money is the IRS’ Where’s My Refund? tool, which provides three key pieces of information: when your return was received, when your refund was approved and when it was issued. (Information is typically available on the tool, which has recently been improved, within 24 hours after the IRS receives your e-filed tax return for the current tax year.) As of the most recent IRS data, about 67% of taxpayers whose returns have been processed have received a tax refund, averaging $3,213 per taxpayer.
We’ll update this guide with any last minute changes, but you can also stay on top of developments by subscribing to the Forbes Tax Breaks newsletter here.
Tax Deadlines–And Extensions
The normal filing deadline–a.k.a. Tax Day–is April 15, 2024, though …
See the full article on Arizona residential development, or, read more Arizona real estate investing news. Feel free to share our site with your investor friends.
