The 2024 tax season is set to kick off.
The IRS announced that it would begin accepting federal income tax returns for the fiscal year 2023 starting January 29, as stated in their January 8 press release.
The deadline for filing federal tax returns is April 15.
Taxpayers in Maine and Massachusetts, in observance of Patriot’s Day, have an extended deadline until April 17 to file their income taxes.
For Tennessee residents affected by the December tornadoes, the IRS has extended the deadline to June 17.
Californian taxpayers are reminded that, unlike last year’s extension due to winter storms, this year’s deadline remains April 15.
Failure to meet the deadline will result in late filing penalties including interest. If you can’t get your taxes done by that date, you’ll need to apply for an extension to avoid the penalty.
The IRS typically sends refunds within 21 days of filing. However, refunds involving the Earned Income Tax Credit (EITC) will not be issued before mid-February, with the first EITC refunds expected around February 27.
Last year, the IRS processed 160 million tax returns and issued 105 million refunds, with an average refund amount of $3,054, according to IRS statistics.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
