The 2024 Tax Period Begins in the United States
As of Monday, January 29, the 2024 tax period has officially begun in the United States. The Internal Revenue Service (IRS) is now collecting declarations of tax obligations from the previous year, and taxpayers are advised to start gathering the necessary documents to ensure a smooth filing process.
The IRS has recommended that taxpayers begin by looking for receipts with dollars entered in 2023, as these will indicate the payments that carry taxes. Additionally, the federal agency has released its operations schedule and important documents that Americans should review in preparation for filing their tax returns.
Starting on January 12, Americans can consult the Free File digital instrument. For users who earned less than $79,000.00 USD last year, the tax return is free of charge, providing a helpful resource for those looking to file their taxes without incurring additional costs.
Individual tax returns are now being collected by the IRS, with April 15 being the last day to declare tax obligations or to request an extension of this date. However, residents of the states of Maine and Massachusetts have until April 17 to file their taxes, or they will need to request an extension. For those who do request an extension, October 15 is the final deadline to send in their statements.
It is crucial for individuals to review several necessary documents before filing their taxes. These include W-2 forms provided by employers, 1099-G forms for unemployed workers, 1099-DIV for investment profits, and Form 1099-R for those with retirement plans or accounts. Additionally, there are forms 1099-INT and MISC for bank and miscellaneous interest charges, a 1099-K form for users of financial applications and virtual commerce such as Venmo, CashApp, Etsy, or Ebay, and forms 1095-A and 8962 for Health Insurance Marketplace customers.
As the tax period gets underway, individuals are encouraged to stay informed about important deadlines and gather their tax-related documents to ensure a timely and accurate filing process.