The IRS launches the 2024 tax filing season with important dates, resources like Direct File and Free File, and changes to reporting for gig workers. Taxpayers are advised to file electronically and utilize direct deposit for faster refunds.
The Internal Revenue Service ( IRS ) officially kicked off the 2024 tax filing season on Monday, January 27th. Taxpayers have a variety of resources available to help them navigate the filing process, including IRS Free File, which offers free tax preparation software from eight companies. Another option is Direct File, a web-based service accessible on various devices that guides taxpayers through filing their federal tax returns step-by-step.
Direct File is currently available to eligible taxpayers in 25 states. For the 2024 tax year, the Child Tax Credit is worth up to $2,000 for each qualifying child. A child must be under 17 at the end of 2024 to qualify. Freelancers and gig workers should be aware of changes to their tax reporting requirements. The law will not affect the amount of taxes owed, but it will change how income from apps like Venmo, Zelle, Cash App, or PayPal is reported using Form 1099-K. Those who received more than $5,000 in payments for goods and services through an online marketplace or payment app in 2024 should expect to receive a Form 1099-K PDF in January 2025. A copy of this form will also be sent to the IRS. The 1099-K reporting threshold will eventually decrease to $600. The IRS advises taxpayers not to rely on refunds for major purchases or bills as several factors can influence the timing of a refund. Most refunds are issued within 21 days, but filing electronically and selecting direct deposit remains the fastest and safest way to receive a refund. Taxpayers can track the status of their refund using the Where's My Refund? Tool online. The last day to file your 2024 taxes without requesting an extension is Tuesday, April 15, 2025. Some taxpayers affected by recent natural disasters may be granted an extension. For example, victims in parts of Virginia affected by Hurricane Helene beginning September 25, 2024, have until May 1, 2025, to file their federal tax returns. The IRS is also increasing its tax brackets by about 2.75% for both individual and married filers across various income levels in tax year 2025
TAX IRS FILING REFUND DIRECT FILE FREE FILE GIG WORKERS 1099-K CHILD TAX CREDIT
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