This article provides a comprehensive guide to the 2024 tax filing season, outlining key dates, eligibility criteria for free filing programs, and important considerations for taxpayers. It covers topics such as extensions for disaster areas, filing deadlines, the Direct File program, 1099-K reporting, and the clean vehicle tax credit.
Monday, January 27, 2025 marks the beginning of the 2024 income tax filing season. The Internal Revenue Service ( IRS ) will start accepting and processing tax returns for the 2024 tax year. Whether you're eager to receive your refund or simply want to understand the deadlines and procedures, here's a comprehensive guide to help you navigate the tax filing process. The official filing and payment deadline for the 2024 tax year is April 15, 2025. However, there are certain exceptions to this rule.
Residents and businesses located in federally declared disaster areas are typically granted extensions for both filing and paying income taxes, along with any other federal tax obligations. The IRS provides specific relief notices for each disaster area on its website. For instance, following the Los Angeles area wildfires, the IRS extended the tax filing and payment deadlines to October 15 for those in affected counties. If you are unable or choose not to file your taxes by April 15, you can apply for an automatic six-month extension. It's crucial to note that this extension only applies to the filing deadline, not the payment deadline. If you owe any taxes for the 2024 tax year, April 15 remains your payment deadline. The IRS Direct File program, which enables eligible taxpayers to file their taxes directly with the IRS for free, is available in 25 states, an increase from 12 states last year when the program was piloted. The participating states include Alaska, Arizona, California, Connecticut, Florida, Idaho, Illinois, Kansas, Maine, Maryland, Massachusetts, Nevada, New Jersey, New Hampshire, New Mexico, New York, North Carolina, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Washington State, Wisconsin, and Wyoming. Additionally, the IRS is collaborating with certain private-sector tax preparation software companies that offer free filing services to eligible taxpayers. Generally, this program is accessible to filers with an adjusted gross income (AGI) of $84,000 or less. However, each private-sector partner may have its own eligibility criteria based on factors such as age, income, and state residency. All partners offer free tax preparation and filing for active-duty military personnel with an AGI of $84,000 or less in 2024, according to the IRS. When preparing your 2024 tax return, your prior year's return can serve as a helpful starting point for identifying the necessary documents. Significant life events and income changes can directly impact your tax liability, including the tax breaks you can claim and the size of your refund or the amount of additional tax you may owe. While some tax documents may be delivered in paper format, others might be sent electronically. It's essential to check your mailbox, email, and relevant online accounts to ensure you have received all the required W2s, 1099s, donation receipts, and other income tax information forms from your banks, brokerages, employers, charitable organizations, and other relevant sources. If you were paid for goods and services through payment apps or online marketplaces like Venmo, CashApp, Airbnb, and Etsy, you may receive a 1099-K reporting your transactions. The reporting threshold has been lowered to $5,000 for the year, down from $20,000 previously. You might also receive a 1099-K if your combined transactions were less than $5,000, especially if you reside in Maryland, Massachusetts, Vermont, or Virginia, where the reporting threshold is set at $600. If you receive a 1099-K in error, for instance, if it includes personal transactions, the IRS provides guidance on how to correct the situation. Generally, the IRS expects you to report all the 1099-K information you receive on your 2024 tax return. You can then adjust for any errors on your return using Schedule 1 or file an amended return after submitting your original return by the filing deadline.If you purchased an electric vehicle, you may be eligible for the clean vehicle energy credit or used clean vehicle credit. Your dealer should send both you and the IRS a Form 15400, known as a Clean Vehicle Seller Report. The information from this form should be reported on your return to help you claim or reconcile the credit. There has been much discussion regarding increasing the state and local tax deduction. However, none of these changes apply to your 2024 tax return. Lawmakers may enact changes to the deduction in the future, but for now, it remains capped at $10,000
IRS Tax Filing 2024 Tax Return Filing Deadline Tax Extensions Free File Clean Vehicle Credit 1099-K State And Local Tax Deduction
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The IRS will start accepting 2024 federal tax returns on MondayMonday is the first day the agency will start accepting and processing 2024 income tax returns.
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The IRS will start accepting 2024 federal tax returns on MondayMonday is the first day the agency will start accepting and processing 2024 income tax returns.
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The IRS will start accepting 2024 federal tax returns on MondayMonday is the first day the agency will start accepting and processing 2024 income tax returns.
Read more »
The IRS will start accepting 2024 federal tax returns on MondayMonday is the first day the agency will start accepting and processing 2024 income tax returns.
Read more »