The IRS has already received over 101 million federal income tax returns as of April 4, but millions more are expected before the April 15 deadline. If you haven’t started your taxes yet, there’s still time to get organized and file them or request an extension. To get started, gather all necessary documents like income reporting forms from your employer, clients, payment apps, and financial institutions.
Consider any major life changes in 2024 that could affect your taxes, such as getting married or starting a business. Most filers take the standard deduction, but itemizing may be beneficial if your deductions exceed the standard amount. If you qualify, you can still contribute to a traditional IRA by April 15 and deduct it from your 2024 taxes.
Taxpayers urged to file early
The free Direct File program is available in 25 states for those with straightforward tax situations and incomes below $250,000. Always double-check your return for accuracy before submitting it.
If you can’t file by April 15, request an extension and pay any estimated taxes owed to avoid penalties. Failure to file and pay on time can result in penalties and interest. Rushing can lead to mistakes,” says Tyler Horn, head of planning at a financial management platform.
It’s better to take your time to ensure accurate reporting of your income.”
By following these tips and being aware of your options, you can navigate tax season with less stress and stay compliant with IRS requirements. Visit the IRS website or consult a tax professional for more information and assistance.
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