Tax News You Can Use

Tax Filing Season Begins January 29, 2024

Get ready for taxes: What's new and what to consider when filing in 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.

Although the IRS will not officially begin accepting and processing tax returns until Jan. 29, people do not need to wait until then to work on their taxes if they're using software companies or tax professionals. For example, most software companies accept electronic submissions and then hold them until the IRS is ready to begin processing later this month. IRS Free File will also be available on IRS.gov starting Jan. 12 in advance of the filing season opening. The IRS Direct File pilot will be rolled out in phases as final testing is completed and is expected to be widely available in mid-March to eligible taxpayers in the participating states.

Taxpayers will continue to see helpful changes at the IRS following ongoing transformation work. Building off the success of the 2023 tax season that saw significant improvements following passage of the Inflation Reduction Act, the 2024 filing season will continue reflecting the focus on improving services to taxpayers.

"As our transformation efforts take hold, taxpayers will continue to see marked improvement in IRS operations in the upcoming filing season," said IRS Commissioner Danny Werfel. "IRS employees are working hard to make sure that new funding is used to help taxpayers by making the process of preparing and filing taxes easier." Reference: irs.gov

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April 15 tax filing deadline for most taxpayers

For most taxpayers, the deadline to file their personal federal tax return, pay any tax owed or request an extension to file is Monday, April 15, 2024.

Taxpayers living in Maine or Massachusetts have until April 17, 2024, due to the Patriot's Day and Emancipation Day holidays. If a taxpayer resides in a federally declared disaster area, they also may have additional time to file. Reference: irs.gov

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Charitable deduction changes

Charitable contributions are a tax-saving opportunity. Not only does the charity benefit, but taxpayers enjoy tax savings by deducting part or all of their contributions on their tax returns.

Taxpayers can deduct charitable contributions for the 2023 and 2024 tax years if they itemize their tax deductions using Schedule A of Form 1040. Charitable contribution deductions for cash contributions to public charities and operating foundations are limited to up to 60% of a taxpayer's adjusted gross income (AGI)..

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Get banked to get ready to direct deposit

Direct deposit gives taxpayers access to their refund faster than a paper check. Those without a bank account can learn how to open an account at an FDIC-insured bank or through the National Credit Union Locator Tool. Veterans should see the Veterans Benefits Banking Program for access to financial services at participating banks.  Links to online tools, publications and other helpful resources are available at IRS.gov/getready.  ​Reference: Get ready for taxes: What's new and what to consider when filing in 2024 | Internal Revenue Service (irs.gov)

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Tax Refund Offset Information

Need to find out of your tax refund will be offset because of student loans, child support or any other reasons? Call the tax refund offset line at
1-800-304-3107.

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We Provide tax prep for the following return types...

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INDIVIDUAL:

*Form 1040 Individual

*Form 1040 with SchC Sole *Proprietorships

          and small business

*Form 1065 Partnership Return

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CORPORATIONS:

*1120 CCorporations

*1120S SCorporations

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NON PROFIT ORGANIZATIONS:

*990 Tax Exempt

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OTHER FEDERAL & STATE FILINGS:

*940 Federal Unemployment Tax Filings

*Georgia Sales Tax Filings

*Tax Return Amendments

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Filing Past Due Tax Returns

File all tax returns that are due, regardless of whether or not you can pay in full. File your past due return the same way and to the same location where you would file an on-time return. 

If you have received a notice, make sure to send your past due return to the location indicated on the notice you received.

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Why You Should File Your Past Due Return Now

Avoid interest and penalties

File your past due return and pay now to limit interest charges and late payment penalties.

 

Claim a Refund

You risk losing your refund if you don't file your return. If you are due a refund for withholding or estimated taxes, you must file your return to claim it within 3 years of the return due date. The same rule applies to a right to claim tax credits such as the Earned Income Credit.

We hold income tax refunds in cases where our records show that one or more income tax returns are past due. We hold them until we get the past due return or receive an acceptable reason for not filing a past due return.

 

Protect Social Security Benefits

If you are self-employed and do not file your federal income tax return, any self-employment income you earned will not be reported to the Social Security Administration and you will not receive credits toward Social Security retirement or disability benefits.

 

Avoid Issues Obtaining Loans

Loan approvals may be delayed if you don't file your return. Copies of filed tax returns must be submitted to financial institutions, mortgage lenders/brokers, etc., whenever you want to buy or refinance a home, get a loan for a business, or apply for federal aid for higher education.

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If You Owe More Than You Can Pay

If you cannot pay what you owe, you can request an additional 60-120 days to pay your account in full through the Online Payment Agreement application or by calling 800-829-1040; no user fee will be charged. If you need more time to pay, you can request an installment agreement or you may qualify for an offer in compromise.