On January 29, the IRS will open its 2024 income tax filing season and begin processing 2023 tax returns. You may have some questions pertaining to this year's process and tax rules, and we will do our best to address them below.
Tax Questions & Answers
What are this year's tax deadlines?
The filing deadline to submit 2023 returns or file an extension is Monday, April 15, 2024, for most taxpayers. Taxpayers living in Maine or Massachusetts have until April 17, due to state holidays. If taxpayers reside in a federally declared disaster area, they may have additional time to file.
If I file for an extension, when will my return be due?
If you request an extension by April 15th, the date to file your complete return is October 15, 2024. Keep in mind that an extension of time to file your return doesn’t grant you any extension of time to pay your taxes.
When should I file?
Short answer, any time before the deadline. However, filing early comes with the benefit of receiving your refund earlier and protects you from tax identity theft.
What’s tax identity theft and how does early filing help protect me?
Tax identity theft is a type of scam where a fraudster uses someone else's personal information, such as their Social Security number, to file a fake tax return and claim a fraudulent refund. The legitimate taxpayer usually discovers the fraud when they attempt to file their own tax return and find out that it has been rejected because another return with the same Social Security number has already been filed.
To protect against tax identity theft, individuals are advised to file their tax returns early, monitor their financial accounts regularly, and take measures to safeguard their personal information, such as Social Security numbers. Additionally, being cautious about sharing personal information online and using secure methods for transmitting sensitive data can help prevent falling victim to such scams.
Are there other benefits to filing early?
Yes, in addition to early refunds and the avoidance of tax fraud, filing early does offer additional benefits. Filing early provides peace of mind, knowing that your taxes are taken care of and you have fulfilled your responsibility within the given timeframe. It eliminates the stress of procrastination and potential last-minute complications. Also, filing early helps you avoid the stress and rush associated with last-minute tax filing. You have more time to gather necessary documents, review your return for accuracy, and address any issues that may arise.
Lastly, if you owe, the earlier you file, the more time you'll have to prepare your financial obligation. You can assess your financial situation, make informed decisions about saving or investing, and plan for any potential tax owed.
When should I expect my refund?
According to the IRS, “most refunds will be issued in less than 21 days.” The time may be shorter if you file electronically and receive a refund by direct deposit into a bank account.
When will my W-2s and 1099s arrive?
To file your tax return, you’ll need Forms W-2 and 1099. January 31, 2024 is the deadline for employers to file 2023 W-2s and for businesses to file Form 1099s for recipients of any 2023 interest, dividends or reportable miscellaneous income payments (including those made to independent contractors).
If you haven’t received a W-2 or 1099 by early February, contact your employer or the business that's responsible for issuing you your documents. If that doesn’t work, ask us how to proceed.
When will VAAS Professionals begin accepting documents for tax filing?
Now! We have begun receiving and processing client's documents. Utilizing our client portal is the best way to begin your process. Need to speak with your tax advisor? Schedule a 30-minute one-on-one appointment today to prevent last minute adjustments, questions, and concerns.
We are looking forward to servicing you this tax season!