The IRS has started to accept and process federal individual tax returns from 29 January 2024 for the tax year 2023. The deadline to file your tax returns and extension is April 15, 2024. Taxpayers must file the individual tax returns before the tax day.
Tax Day 2024
The IRS has started the tax season from 29 January 2024 for income earned in 2023. The tax day for this year is back to its traditional date, 15 April 2024. In the United States, the tax day is the last day to submit tax returns to the IRS.
After five years, the traditional tax date deadline is back. These years, the tax day is pushed back to other dates due to holidays or COVID.
The due date to file tax returns for taxpayers living in Maine and Massachusetts is April 17 2024 because of the Patriot’s Day and Emancipation Day on 15 April and 16 April 2024, respectively.
Taxpayers can also request an extension, the due date for the extension filers is October 15, 2024.
Some parts of the US have been affected by natural disasters and severe weather conditions, the IRS has declared the last due date to file tax returns for the disaster areas mentioned by the Federal Emergency Management Agency is 17 June 2024.
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| Date | IRS event |
| 15 April 2024 | Tax Day or deadline to file a tax return or request a tax extension |
| 17 April 2024 | Last date for tax filing for Maine and Massachusetts residents |
| 15 October 2024 | Last date for tax filing for extension filers |
Penalty for late filing tax returns
Taxpayers who owe taxes to the federal government, but file the tax after the due date, the taxpayers have to pay the penalty for late filing the tax returns. The taxpayers have to pay the following penalty for late filing:
- According to the IRS, the failure-to-file penalty is 5% of the tax you owe for each month or 25% for a part of the month your return is late.
- If your tax return is over 60 days, the minimum penalty for late filing for 2024 tax returns is $485 or 100% of the tax you owe to the federal government.
The IRS advised taxpayers to pay their taxes timely to avoid paying interest and penalties for late filing.
How to file your tax returns for the 2024 tax season?
The IRS advised taxpayers to file their tax returns electronically for the fastest tax refunds. However, taxpayers can either file their tax returns online or mail their tax returns to the IRS through paper checks.
- Taxpayers can file their taxes for free with direct filing. The Direct Fileis tool was introduced by the IRS to make the tax filing process simple by allowing taxpayers to directly file their taxes with the IRS. You are eligible for Direct file if you meet the following requirements:
- You live in one of the 12 pilot states of the United States;
- You have to report certain types of incomes, deductions, and credits with the simple need of tax filing.
- Taxpayers with adjusted gross income of $79,000 or less can file tax returns through IRS Free File, available on the official website of the IRS. The IRS Free File allows qualified taxpayers to file tax returns online using guided tax preparation software. Taxpayers who don’t qualify for the Free File can file tax returns using Free File Fillable forms.
- Taxpayers who meet the following requirements can get free tax help from IRS-certified volunteers:
- You earned $64,000 income or less
- You have a disability
- You need language support for filing your tax returns.
- You are an elder and are over 60 years old.
Paper forms for the IRS tax returns:
- Form 1040 for Individual tax returns.
- Form 1040-SR for senior taxpayers.
- Form 1040 with Schedule C for taxpayers filing for business or side income.
When can you expect your 2024 tax refund?
Generally, the IRS processed the tax refund in 21 days after you filed your tax returns electronically. But, in some cases, the tax refund can get delayed due to your filing status, refund method, or when you have claimed additional credits with your tax returns.
You can track your tax refund through the tool introduced by the IRS, “Where’s My Refund?” and get an update on your tax refund.
The IRS expects around 128.7 million individual tax returns in the 2024 tax season by the end of the tax day. The tax day (15 April 2024) is just a month away, so make sure you have filed your tax return before the tax day to avoid the penalty and receive the tax refund.