Michael P. Rudy and Associates - mrcpa.net

2024 tax filing season set for January 29; IRS continues to make improvements to help taxpayers

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.

The Top 10 Overlooked Tax Deductions

The top 10 overlooked deductions Each year, thousands pay too much in taxes because they didn’t think of deducting job hunting expenses or donations to charity. Read this list before you file.

Read more

Did you pay too much to Uncle Sam last year?

 Tax laws change ever year and staying current with those Federal, State, and Local tax laws are an integral part to ensure you are not overpaying your taxes. So how can you be assured that you are not overpaying taxes? If you are preparing your own tax returns using a tax software package, please keep in mind that software alone is not a substitute for understanding tax law. You should be spending many hours annually to stay current with all the tax law changes. If you are using a tax preparation service, make sure you fully understand the tax background and experience level of your preparer. Here are some good examples of questions to ask your preparer: Read more