Tax Season 2024: Everything You Need to Know About Deadlines and Extensions

Amelia Ross
5 Min Read

Filing taxes can be confusing, but it’s important to understand how to maximize your tax refund and avoid penalties. In the United States, citizens can start sending their tax returns to the IRS, but sometimes refunds take a little longer to arrive. Here’s everything you need to know about sending your tax return and how to increase your refund.

How the Tax Refund Process Works

Sending Your Tax Return

The tax season has already started, and Americans have time to send their documents to the IRS. Once you submit your tax return, the IRS reviews it and processes your refund. However, there’s an exception that might cause a delay. This delay is often due to additional checks or special requests, such as applying for tax credits.

Why a Delayed Refund Isn’t Always Bad

A delayed tax refund might seem frustrating, but it can actually be beneficial. If the IRS takes longer to process your return, you might receive a higher refund. This usually happens if you include additional requests like tax credits, which the IRS needs to investigate thoroughly.

Investigating Tax Returns

When you add extra requests like tax credits to your return, the IRS typically conducts a detailed review. This thorough check ensures that all the documentation is accurate. While this process can take time, it’s essential for ensuring you receive any extra money you’re entitled to.

How to Increase Your IRS Tax Refund

Child Tax Credit

One effective way to increase your tax refund is by claiming the Child Tax Credit. This credit can provide extra money to families with children. It can also reduce the amount of taxes you owe, meaning more money in your pocket. The Child Tax Credit can either come as a direct payment or indirectly by reducing your tax liability.

Earned Income Tax Credit

Another helpful credit is the Earned Income Tax Credit (EITC). This credit is designed to help low to moderate-income workers and families get a significant refund. To learn more about the EITC, visit the IRS website or check their social media for updates.

Why Early Filing Matters

Avoiding Penalties

Filing your tax return early is crucial. If you miss the deadline, which is April 15th, 2024, you could face fines or penalties. Having all your documentation ready and submitting it on time ensures you avoid these issues.

Extension Options

If you need more time to file your return, the IRS allows you to request an extension. This extension gives you an extra six months, almost until the end of 2024, to submit your tax return. Some states automatically apply extensions for various reasons, so it’s essential to check your state’s tax season calendar.

Filing your tax return promptly and accurately is essential for maximizing your refund and avoiding penalties. Remember to claim credits like the Child Tax Credit and the Earned Income Tax Credit to increase your refund.

Always check the IRS guidelines and your state’s tax calendar to ensure you’re on track. Filing early and correctly can make a significant difference in the refund you receive and the time it takes to get it.

FAQs

1. What is the deadline for sending the tax return?

The deadline for most citizens to send their tax return is April 15th, 2024. This deadline is for taxes from the year 2023.

2. Can I get more time to send my tax return?

Yes, you can request an extension from the IRS, giving you an extra six months to file your tax return.

3. What is the Child Tax Credit?

The Child Tax Credit provides extra money to families with children and can reduce the amount of taxes owed.

4. What is the Earned Income Tax Credit?

The Earned Income Tax Credit (EITC) helps low to moderate-income workers and families get a significant refund.

5. Why should I file my tax return early?

Filing early helps you avoid penalties and ensures the IRS processes your refund quickly.

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