The IRS (Internal Revenue Service) has recently informed that the new tax season begins on January 29, 2024. Besides, all taxpayers will have until April 15 to file their 2023 tax return. If you believe you do not have enough time to file, you can apply for an extension.
However, you must pay all your taxes before April 15. The IRS has a list of tax return preparers, on https://www.irs.gov/tax-professionals/choosing-a-tax-professional , so you can use it to get some support.
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Another possibility is to get support from the IRS Free File. Working on your tax returns and using Free File from January 12, 2024, is possible. Basically, it is tax-prep software to help you file. Once you know the filing window and filing alternatives, let’s have a look at the steps to take if you are a new filer.
DO YOU HAVE TO FILE A TAX RETURN IN 2024?
According to the IRS, most United States citizens and permanent residents who work in the USA need to file a tax return in 2024. However, there is a minimum you must earn. If you do not make more than this amount, you do not have to file. But watch out!
Some taxpayers who do not have the obligation to file may want to file to get a tax credit from the IRS. Others may want to do it because they made estimated payments or because they had Federal income tax withheld.
Going back to the minimum required to file your 2023 tax return, it has been recently updated. While it was $12,950 if you were under 65 in 2022, it is $13,850 for single filer in 2024 stated the Consumer Financial Protection Bureau.
Married couples who have income below the standard deduction threshold for 2023, which is $27,700 if you file jointly, you may not have to file. The IRS suggests using their online Interactive Tax Assistant to find it out too. besides, depending on your filing status, you may need to file or not.
THE IRS RECOMMENDS GATHERING ALL YOUR 2023 TAX DOCUMENTS
If you have earned more than $13,850 and you must file, you should start gathering all the necessary tax documents for the IRS. Hopefully, you have kept them all by now. For example, you will need Form W-2.
For your information, Form W-2 is a wage and tax statement. If you have made important medical expenses, you may need the receipts. Or if you are freelance a Form 1099s.
Another thing you must find out is if you can be claimed as a dependent by your parents. Obviously, only if you are living with them. Finally, there is one last thing to take into account.
Do not forget to check if you qualify for any tax credit or deduction. This is not rocket science, but it could be overwhelming. Therefore, ask for help from a professional if you find it too difficult. Be wise and try to get more money in your next tax refund from the IRS.