1. Tax season officially kicks off! The IRS began accepting and processing 2023 tax returns on Monday, January 29, 2024. This means you can now file your return electronically or by mail.
2. IRS continues to make improvements. The IRS is committed to making filing your taxes easier and faster. This year, they have made several improvements, including:
- Enhanced online tools: The IRS has made improvements to their online filing tools, making it easier to file your return electronically.
- Faster processing times: The IRS is working to process returns faster than ever before. They expect most taxpayers to receive their refunds within three weeks of electronically filing their return.
- Expanded customer service: The IRS is expanding their customer service options to make it easier for you to get help if you need it.
3. Tax changes to be aware of. There are a few tax changes that you should be aware of for the 2023 tax year, including:
- Increased standard deduction: The standard deduction for single filers has increased to $13,850 and $27,700 for married filing jointly.
- Child tax credit: The child tax credit has been reduced from $3,600 per child to $2,000 per child.
- Earned income tax credit: The earned income tax credit has been slightly increased for some taxpayers.
4. Tips for filing your return. Here are a few tips for filing your return this year:
- Gather your documents: Make sure you have all of your tax documents together before you start filing your return. This will help you avoid delays.
- File electronically: Filing electronically is the fastest and easiest way to file your return.
- Direct deposit your refund: Direct deposit is the fastest way to get your refund.
5. Resources for help. If you need help filing your return, there are a number of resources available to you, including:
- The IRS website: The IRS website has a wealth of information about filing your taxes.
- Free tax filing tools: There are a number of free tax filing tools available online.
- Tax professionals: If you have a complex tax situation, you may want to consider hiring a tax professional.