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Internal Revenue Service Kicks Off  Tax Season: Millions of Americans Urged to File Early for Swift Returns

IRS (Photo from The Daily Process)
IRS (Photo from The Daily Process)

The Internal Revenue Service (IRS) has officially opened the gates for the 2024 tax season signaling the commencement of tax return filings for millions of Americans. With an anticipation of over 146 million individual tax returns the Internal Revenue Service (IRS) encourages early filings to expedite the return process. Taxpayers are reminded that the deadline to file is April 15, 2024, although residents in Maine or Massachusetts have until April 17 due to holidays. Additionally, those in federally declared disaster areas may have extended filing time.

Internal Revenue Service (IRS) Tax Return (Photo from CNN)

Internal Revenue Service (IRS) Tax Return (Photo from CNN)

Efficient Refunds Hinge on Filing Methods

As the IRS gears up for processing millions of tax returns, the timing of refund receipt depends on how and when individuals file. Direct deposit refunds typically hit accounts within 21 days while paper filers may experience a wait of over a month.

Paper checks often taking about two weeks to process might extend the wait to approximately 30 days. It’s crucial for filers to ensure correct and complete information to avoid delays. Filing inaccuracies could lead to prolonged waiting periods.

To track refunds taxpayers can visit the “Where’s My Refund” page on the Internal Revenue Service (IRS) website for updates and estimations.

READ ALSO: Understanding Food Stamps For Students And The Maximum Benefits

Internal Revenue Service Tax Tips for a Smooth Process

To streamline the filing process and prevent delays, taxpayers are advised to gather all necessary information before filing. A meticulous review of documents is essential to identify eligible tax credit reducing the chances of needing an amended tax return. The Internal Revenue Service  (IRS) Free File service, open since January 12 caters to qualifying taxpayers with an adjusted gross income of $79,000 or less in 2023.

Employers are obligated to provide W-2 and 1099 income tax forms by the end of January ensuring employees receive essential documents on time. Americans may also be eligible for a one-off tax credit of up to $2,000 emphasizing the significance of accurate filing and timely document retrieval.

READ ALSO: Lowering Income Tax: Fourteen States Trim State Income Taxes For Residents 

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