Tax season has officially started: Here’s everything you need to know before filing

Tax season is upon us, and it’s time to get your financial ducks in a row. The IRS will begin accepting and processing 2023 tax returns soon, and here’s what you need to know. Most taxpayers have until April 15 to submit their returns, but there are exceptions, like April 17 deadlines for those living in Maine or Massachusetts due to state holidays. If you need more time, you can request an extension, giving you until October 15 to file. However, be aware that an extension doesn’t mean you can delay paying the taxes you owe.

For those anticipating a tax refund, filing electronically, ensuring accuracy, and requesting direct deposit can help you get your money within 21 days. It’s important to file early to start using your refund sooner, as the IRS doesn’t pay interest on refunds. You can also track your refund status using the IRS’ “Check My Refund Status” tool.

If you’re eligible for tax credits like the earned income tax credit or child tax credit, be aware that refunds won’t be issued before mid-February if you claim either of these credits. Additionally, there’s important news for PayPal, Venmo, and Cash App users: a controversial tax reporting requirement has been delayed until 2024. Payment apps will only need to report transactions exceeding $20,000 or 200 separate transactions within a calendar year……….[read more]

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How does the IRS’s handling of tax extensions and refunds impact the economy and taxpayers?

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Bush

5 months ago

The IRS’s handling of tax extensions and refunds can have both positive and negative impacts on the economy and taxpayers. On one hand, tax extensions can provide individuals and businesses with more time to file their taxes, relieving some of the stress and allowing for better financial planning. However, delays in processing refunds can potentially affect taxpayers’ cash flow and consumer spending. It’s a complex issue with various factors to consider.