Key Updates from the IRS in 2024
- 2024 Tax Season:
The 2024 tax season officially began on January 29th, 2024, as planned, contrary to the delayed start in your previous article. You can now file your federal individual tax returns.
- Inflation Reduction Act Implementation:
The IRS is actively working to implement the Inflation Reduction Act, which includes several tax changes for individuals and businesses. This includes increased funding for IRS operations and efforts to improve taxpayer services.
- Million Dollar Tax Gap Initiative:
The IRS continues its efforts to close the "Tax Gap," the difference between taxes owed and taxes collected. They are currently focusing on high-income individuals and large corporations.
- Open Enrollment for Health Insurance:
While not directly related to the IRS, remember that the Open Enrollment period for health insurance through the Affordable Care Act (ACA) marketplace ends on January 31, 2024. This is important for individuals and families who need to obtain or update their health insurance coverage.
Mark Your Calendars! Crucial Dates for the 2024 Tax Filing Season:
Get a Head Start:
- January 12th: IRS Free File opens, allowing eligible taxpayers to file their returns electronically for free.
- January 26th: Earned Income Tax Credit Awareness Day is a good reminder to check if you qualify for this valuable tax credit.
Filing Season Begins:
- January 29th: The official start date for filing individual tax returns. Don't wait until the last minute!
Important Deadlines:
- April 15th: Tax filing deadline for most of the nation. Make sure you have all your documents ready by then.
- April 17th: Extended deadline for filing tax returns in Maine and Massachusetts.
- October 15th: Due date for filing tax returns if you requested an extension.
Resources:
- IRS website: https://www.irs.gov/
- 2024 Tax Season Information: https://www.irs.gov/newsroom/2024-tax-filing-season-set-for-january-29-irs-continues-to-make-improvements-to-help-taxpayers
- Inflation Reduction Act Tax Information: https://www.irs.gov/inflation-reduction-act-of-2022