When Do You File Taxes
Contents
The tax season is ahead of us, and millions of taxpayers are preparing themselves to submit their tax returns to the Internal Revenue Service. It’s now a question of when you will file taxes in 2021 as the tax year is coming to an end. This article will explain everything you need to know about preparing and submitting your federal income tax return in 2024.
The Internal Revenue Service announces when the agency will start accepting tax returns at the end of the year. At the time of writing this article, it isn’t clear when that will happen, but we have some guesses.
Almost always, the IRS starts the tax season on the last Monday of January. So, it’s best to prepare yourself and your federal income tax return for the start of February if you’ve received all the tax forms and documents that you need to submit with it already.
The bottom line is that expect the tax season to start on January 31.
Why file early?
It’s always best to file your federal income tax return and your state income tax return if you’re obligated to do so cause it means you’ll get your tax refund a lot sooner.
Even if you’re not anticipating a tax refund, filing your tax return early on will help you amend it before the tax season ends in case something goes wrong. Take this with a grain of salt, especially if you’re filing a paper tax return, as mailed returns are a lot prone to errors.
When to expect my tax refund?
There isn’t a set duration that the IRS processes tax returns and issue and send tax refunds. How soon a taxpayer will receive their tax refund depends on two things: how it was filed and the workload of the IRS at that time. The sooner you file, the sooner you’ll get your tax refund. It’s as simple as that.
On average, though, it takes about two weeks for e-filed tax returns and four weeks for mailed returns. If you need to get your tax refund the soonest, make sure to file it as soon as the tax season starts and do it through electronic means, not by mail. Whether you receive it early or not, you can always track the status of your tax refund.
Ways to submit tax returns
There are two options for submitting your tax return in 2024. You can either file it electronically or mail a paper return, same as always.
However, the IRS may process returns that are e-filed before the tax season actually starts. This is also known as the IRS hub testing, where the agency accepts a limited number of tax returns to test the electric filing system. This test occurs every tax season and can help you get your tax refund sooner. Sadly, you have no control over this, and it’s all a matter of luck whether or not your tax return will be processed typically or be a part of the hub testing.
1. Individual Income Tax
2024 Deadline: The deadline for filing your individual income tax return for 2024 is April 15th.
2023 Deadline: In 2023, the deadline for individual income tax returns has been extended to April 18th. This extension provides taxpayers with three extra days to prepare and file their returns.
2. Corporate Income Tax
2024 Deadline: Corporations must file their income tax returns by March 15th in 2024.
2023 Deadline: The corporate income tax filing deadline remains the same in 2023, with returns due on March 15th. Corporations should ensure timely filing to avoid penalties.
3. Value Added Tax (VAT)
2024 Deadline: VAT returns are typically filed on a monthly basis throughout 2024.
2023 Deadline: The VAT filing frequency remains unchanged in 2023, with monthly filings required.
Comparing Tax Filing Deadlines
Here’s a quick comparison of the tax filing deadlines for different tax entities:
| Tax Filing Status | Deadline for Filing Taxes |
|---|---|
| Individual | April 15th, 2024 |
| Self-Employed | April 15th, 2024 |
| Corporation | March 15th, 2024 |
Who Needs to File Taxes?
Before we delve into the deadlines, it’s essential to determine if you need to file taxes for the tax year 2024. Here are some common scenarios:
Individuals
- Single:
- You must file taxes if your income exceeds the IRS filing threshold for your age and filing status.
- Married Filing Jointly:
- Married couples who choose to file jointly should also file if their combined income exceeds the filing threshold.
- Married Filing Separately:
- Even if you’re married but choose to file separately, you may still need to file if your individual income surpasses the threshold.
- Head of Household:
- If you qualify as the head of household, you are required to file taxes if your income exceeds the threshold.
