Getting Set Up for Success to File Your Taxes in 2024
With every new year comes new possibilities! That includes opportunities to make your tax filing process as seamless as possible for the upcoming 2024 tax season. Even with the best tax experts by your side, some preparation on your behalf and well as being knowledgeable about recent updates can keep things running smoothly all year long. Keep reading for some considerations you should be aware of for 2024.
Have Organized Documentation and Understand the Updated Reporting Threshold
To minimize confusion in the upcoming year, the IRS has postponed the implementation of the new $600 Form 1099-K reporting threshold. Many taxpayers were sent Form 1099-K unexpectedly but may not have any tax obligations. To learn more about this, visit the IRS website or ask your tax professional to guide you through the threshold changes concerning Form 1099-K.
Understand You May Experience Refund Delays
Due to the unexpected nature of receiving your tax return, it is not advised to rely on receiving funds by a specific date. Refunds linked to Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) claims cannot be issued by the IRS before mid-February.
However, if you choose direct deposit for EITC and ACTC related returns, the IRS expects most refunds of this type to be available in taxpayer bank accounts by Feb. 27, 2024, given that there are no other issues.
Access Your Online IRS Account
Many functions that were not previously done digitally, can now be accomplished through logging into your online IRS account. A few of these functions include electronically signing select documents, viewing tax owed, payment history, among many other things.
Another significant advantage of the online account is the ability to validate and save multiple bank accounts. This eliminates the need to repeatedly enter in data, saving time, and decreasing the likelihood of mistakes. Be sure to take advantage of having your important tax information accessible by the touch of button.