Tax Season is Coming Quick, Are You Prepared?

The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

The IRS expects more than 128.7 million individual tax returns to be filed by the April 15, 2024, tax deadline.

The IRS encourages taxpayers to take steps now to “Get Ready” to file their 2023 individual federal tax return. It’s important for filers to gather all the correct information they need before filing their return. Organize and gather tax records including Social Security numbers, Individual Taxpayer Identification Numbers, Adoption Identification Numbers and this year’s Identity Protection Personal Identification Numbers (IP PIN). Filing an accurate return can help taxpayers avoid refund delays or later IRS mailings about a problem.

The IRS says people should report all their taxable income and wait to file until they receive all income related documents. This is especially important for people who may receive various Forms 1099 from banks or other payers reporting unemployment compensation, dividends, pensions, annuities or retirement plan distributions. If a taxpayer receives Forms 1099-K, they should visit What to do with Form 1099-K to help them determine if that money should be reported as income on their federal tax return.

The IRS also says people should plan to file electronically with direct deposit. This is still the fastest and easiest way to file and receive a refund. To avoid delays in processing, people should avoid filing paper returns whenever possible.