News & Updates
2024 Tax Filing Season
The 2024 tax filing season is approximately 45 days away. Are you ready to file your 2023 tax return(s)? Below are some tips and considerations that you can do to get ready.
Tips and Considerations for the 2024 Tax Filing Season
- Make sure your employer has your current address. It is important that your employer has your current address as it will ensure that your W2 reflects your current address. This is especially vital for taxpayers who receive their W2 through the mail.
- Electronic filing and direct deposit are key to getting the fastest refund. Filing electronically with direct deposit is important because it can help avoid refund delays. If you need a tax refund quickly, don’t file on paper. Most people with no issues on their tax return should receive their refund within 21 days of filing electronically if they choose direct deposit.
- Refunds that include the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) cannot be issued before mid-February. Why is that? The 2015 PATH Act law passed by Congress provided additional time to help the IRS process those returns and stop fraudulent refunds from being issued. The law requires the IRS to hold the entire refund – not just the portion associated with EITC or ACTC. The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by Feb. 28 if they chose direct deposit and there are no other issues with their tax return.
- Taxable income: Most income is taxable, even if you didn’t receive a year-end document such as Form 1099-MISC, Miscellaneous Income; Form 1099-INT, Interest Income; Form 1099-NEC, Non-employee Compensation. That includes interest received or money earned from the gig economy or digital assets.