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Jan 29, 2024 · IR-2024-24, Jan. 29, 2024 — The Internal Revenue Service successfully opened the 2024 tax season today by accepting and processing federal individual tax returns as the agency continues focusing on expanding options to help taxpayers.
- Estimated IRS Refund Tax Schedule For 2023 Tax Returns
- How to Track Your Tax Refund
- How to Speed Up Your Tax Refund
- Why Haven’T I Received My Tax Refund?
At one time, the IRS issued an annual tax refund schedule to let taxpayers know when they were likely to receive their refunds. Though the IRS no longer does this, we’ve put together estimates of when your refund may arrive based on the schedule in previous years. *The tax deadline is April 15, 2024.
If you expect a tax refund this year, you can track your tax refund status with the IRS Where’s My Refund online tool or the IRS2Go mobile app. You’ll need to input your Social Security number, filing status and expected refund amount. The IRS starts tracking your tax refund within 24 hours after e-filing and updates the tool daily. If you filed yo...
You can take certain steps ahead of time to help your refund arrive faster. But once you file your return, it’s in the hands of the IRS—and your refund will be issued on the agency’s timeline.
Your financial institution plays a role in when you receive your refund. Since some banks don’t process financial transactions on weekends or holidays, that may delay the refund being credited to your account. The IRS has said that people whose returns claimed the earned income tax credit (EITC)or the additional child tax credit would generally get...
- Standard Deductions Increased. When filing your taxes, you can choose to claim the standard deduction or to itemize your deductions. The IRS estimates that 90% of tax filers claim the standard deduction, an amount set by the agency that’s linked to your filing status and other factors.
- Income Tax Brackets Expanded. Along with higher standard deduction amounts, the IRS has adjusted the income tax brackets from the 2022 tax year. The income tax bracket changes mean that, as with higher standard deductions, taxpayers can expect to see a slightly smaller tax bill.
- New 1099-K Reporting Threshold for Payment Apps Delayed. The American Rescue Plan (ARP) of 2021 modified the requirements for reporting transactions involving payment apps, also known as third-party processors.
- Business Owners Can Expect Changes to Deductions. Business Meals Only 50% Deductible. During the pandemic, for the calendar years of 2021 and 2022, business owners were temporarily allowed to deduct 100% of the cost of work-related meals and beverages at restaurants.
- April 18 tax filing deadline for most. The filing deadline to submit 2021 tax returns or an extension to file and pay tax owed is Monday, April 18, 2022, for most taxpayers.
- Awaiting processing of previous tax returns? People can still file 2021 returns. Rettig noted that IRS employees continue to work hard on critical areas affected by the pandemic, including processing of tax returns from last year and record levels of phone calls coming in.
- Key information to help taxpayers. The IRS encourages people to use online resources before calling. Last filing season, as a result of COVID-era tax changes and broader pandemic challenges, the IRS phone systems received more than 145 million calls from January 1 – May 17, more than four times more calls than in an average year.
- File electronically and choose direct deposit. To speed refunds, the IRS urges taxpayers to file electronically with direct deposit information as soon as they have everything they need to file an accurate return.
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Jan 29, 2024 · The IRS has adjusted its tax brackets for inflation for both 2023 and 2024. In 2023, the tax brackets were adjusted upward by about 7% to account for last year's high inflation. To see those ...
Jan 8, 2024 · IR-2024-04, Jan. 8, 2024 WASHINGTON — The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax returns. The IRS expects more than 128.7 million individual tax returns to be filed by the April 15, 2024, tax deadline.
Dec 7, 2021 · WASHINGTON — The Internal Revenue Service today encouraged taxpayers to take important actions this month to help them file their federal tax returns in 2022, including special steps related to Economic Impact Payments and advance Child Tax Credit payments. This is the second in a series of reminders to help taxpayers get ready for the ...
