When the time comes to file, you may now owe a much bigger amount because you have to pay your whole tax bill at once — versus paying it month by month if you had chosen “Non-exempt” on your W-4. To get started with the IRS Direct File Tool, you’ll need your W-2, additional documentation, as well as your government ID. But once you’re done, it’s crucial that you head over to CalFile to then complete your state taxes — since the IRS Direct File Tool only takes care of your federal taxes.

Tax returns can still be filed after April 15 without filing for an extension, but you may be subject to a penalty if you owe taxes. If you can’t file by then, you can file for an extension by filling out Form 2868 by April 15. This gives you an additional six months, to Tuesday, Oct. 15, to complete your tax return, according to the Consumer tax season Financial Protection Bureau. The IRS is now treating the 2023 tax year as a transitional period—with Form 1099Ks required only for people receiving $20,000 with 200-plus transactions—and will phase in the new requirements in 2024. For the tax year 2024, payment processors will report transactions of $5,000 or more on Form 1099-K.

Despite Partial Government Shutdown, IRS Announces E-Fi…

If you receive your tax refund by direct deposit, you may see IRS TREAS 310 listed in the transaction. The 310 code simply identifies the transaction as a refund from a filed tax return in the form of electronic payment. This year, tax season officially opened on Monday, Jan. 29, when the IRS began accepting and processing 2023 tax returns, the agency announced. The IRS said it expects more than 128.7 million individual tax returns to be filed by April 15, the deadline for most taxpayers to file. Eligible taxpayers who received advance Child Tax Credit payments should file a 2021 tax return to receive the second half of the credit. Eligible taxpayers who did not receive advance Child Tax Credit payments can claim the full credit by filing a tax return.

The IRS has announced that it will begin accepting and processing 2023 tax returns from January 29, 2024. This move is expected to impact over 128.7 million individual tax returns by the April 15, 2024, deadline. The 2024 tax filing season commences on January 29, as announced by the IRS, introducing significant enhancements to aid taxpayers.

Check on advance Child Tax Credit payments

Unless you had a major life event, such as a marriage, the birth of a child or a home purchase, you may find your tax return looking very similar to last year’s. But before you click « file, » make sure you’re not overlooking key documents. Some forms that may not have been on your radar last year could drastically raise or lower your bill for tax year 2023, experts say. For millions of Americans, the tax filing process mostly comes down to clicking « next » a bunch of times.