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As we ring in the new year, it’s time to face the inevitable task of dealing with our annual income taxes. The usual saying about death and taxes comes to mind as we prepare for tax day, which falls on April 15th this year, with exceptions for Maine and Massachusetts residents who have until April 17th due to holidays.
While the thought of sorting through tax forms may cause some stress, there are resources available to help make the process smoother. One new option for filing in 2024 is the IRS’s Direct File program, currently in a pilot phase for residents of select states. The program is designed for simple tax scenarios, so be sure to check your eligibility before using it.
For those with an adjusted gross income of $79,000 or less, the IRS Free File program offers a range of trusted partners to assist with filing. If your income exceeds this threshold, there are fillable forms available through the IRS, or you can seek assistance from a tax preparer.
Paying taxes online is now the fastest and most convenient method, with options like Direct Pay for personal taxes and the Electronic Federal Tax Payment System for business taxes. If you owe taxes but can’t pay in full, you can set up a payment plan with the IRS.
Filing online not only speeds up the refund process, with most refunds issued in less than 21 days, but it also allows you to track the status of your refund through the IRS website or mobile app. And if you find yourself unable to file by the deadline, don’t panic – you can file for an extension.
As we navigate through tax season, remember that there are tools and resources available to help make the process less daunting. Whether you choose to file online, seek assistance from a tax preparer, or opt for a payment plan, staying informed and proactive will help you tackle your taxes with confidence.