Tax Day is rapidly approaching, with more than 80 million Americans having already filed their income taxes for 2024, receiving a total of $169 billion in refunds. If you haven’t filed yet, it’s important to gather your tax documents and complete your return as soon as possible. The 2024 tax season officially began on Jan. 29, 2024, and the IRS has already issued almost 55 million tax refunds. Employers are required to send W-2 and 1099 forms by the end of January, and the deadline for most taxpayers to file their federal tax returns is Monday, April 15, 2024, with some exceptions based on state-specific holidays.
For those who like to wait until the last minute, the deadline to file a tax extension with the IRS is also April 15, with the payment deadline remaining the same. This extension gives taxpayers until October to complete the necessary paperwork, but any estimated amount owed must still be paid by April 15 to avoid late penalties. Some states have later tax return deadlines, with Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming not collecting income taxes. Most states adhere to the April 15 federal filing deadline, with exceptions such as Delaware, Iowa, Louisiana, and Virginia.
Taxpayers who file electronically and are due a refund can expect to receive it within 21 days if they choose direct deposit and there are no issues with their return. Those receiving a paper check by mail will have to wait longer, typically 4 to 6 weeks. It’s important to check with your state Department of Revenue for the most up-to-date information regarding state tax deadlines and extensions. With Tax Day approaching, it’s crucial to complete your tax return promptly to ensure that you receive any refunds owed to you in a timely manner. Be sure to take advantage of available tax breaks and use reputable tax preparation software to streamline the process.
