When Do Tax Returns Come 2024: Key Dates and Deadlines to Know

So, you’ve filed your taxes and are owed a refund. Most taxpayers who are owed a refund are eager to know when do tax returns come into their bank account. The 2024 tax season is no exception, with the IRS offering several resources to help you track the status of your tax refund once you’ve filed your tax return. If you file electronically and opt for direct deposit, you can generally anticipate receiving your refund faster. According to the IRS, most refunds are issued within 21 days of the tax return being accepted.

This year, to keep you updated about your tax refund, the IRS has enhanced the “Where’s My Refund?” tool, which provides confirmation of receipt, approval, and issuing date of your refund. This tool updates once daily, and you can access it easily through the IRS website or the IRS2Go app. This makes it super quick and easy for you to check the status of your tax refund.

In the past, for those who claim certain credits like the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC), there has been waiting time due to extra processing required. However, most filers can expect an average refund within the IRS average timetables. Just remember, electronic filing with direct deposits is the quickest way to get your tax refund.

Prepare your documents early and file them as soon as the IRS starts accepting tax returns. This will set you up for success and a smoother tax return experience.

Understanding Tax Returns and Deadlines

Preparing your federal tax returns accurately and knowing the deadlines are crucial to ensure compliance and potentially receiving your refunds promptly. Here’s a guide to the key dates and considerations for the tax year 2024 as the IRS gets started on process tax returns.

Key Dates for Tax Season 2024

Your tax deadline for the tax return for the year 2023 is April 15, 2024.

If you anticipate a refund, filing earlier can result in receiving your tax refund more quickly. Keep in mind that the IRS typically issues most refunds within 21 days of receiving a tax return, provided the return is e-filed and the refund is direct-deposited.

  • First Quarter Estimated Tax Payment: April 15, 2024
  • Second Quarter Estimated Tax Payment: June 15, 2024
  • Third Quarter Estimated Tax Payment: September 16, 2024

As tax dates may vary slightly each year, always verify with the official IRS Tax Calendar.

Extension and Special Circumstances

In some instances, you may not be able to file by the designated tax deadline. In such situations, you’re entitled to request a six-month extension, moving the deadline for submitting your tax return to October 15. To avoid penalties, ensure you still pay any owed taxes by the original April deadline.

Special situations, such as being affected by a federally declared disaster area, may grant additional extensions or relief. It’s important to keep up-to-date with any IRS announcements pertaining to these instances.

  • Regular Tax Filing Deadline: April 15, 2024
  • Extended Tax Filing Deadline: October 15, 2024

Remember, even with an extension, if you owe taxes, interest may accrue from the original deadline until the date you pay. Always check with the IRS or a tax professional if you’re unsure about your situation.

Need professional assistance with your personal taxes?

Our team of experienced CPAs is here to help! Request a quote today and let us handle your tax needs with expertise and personalized solutions.

Filing Methods and Tax Software

When preparing your tax returns for the 2024 filing season, you have the convenience of several filing methods and a range of tax software options at your disposal. Utilizing the right tools can streamline the process, ensuring accuracy and timeliness.

E-Filing Options

Electronically filing (e-file) your taxes is a secure and efficient method preferred by the IRS. You can choose the IRS Free File option if your income is below a certain threshold, granting you access to free tax preparation software. For those who qualify, Free File can be a cost-effective way to manage your taxes.

  • E-file directly via IRS: Use IRS Free File or fillable forms.
  • Tax Software: Choose from products like TurboTax
  • Authorized E-file Providers: Hire a service to submit on your behalf.

Choosing the Right Tax Professional

Selecting the right tax professional is crucial if you opt for guided assistance. A professional who is well-versed in tax filing services can ensure that your return is accurate and takes advantage of any applicable tax benefits. Look for certified providers with a solid track record and good customer reviews. Keep in mind that good tax professionals get booked up very quickly during filing season and it’s always a good idea to reach out as early as possible to secure an appointment.

  • Credentials: Check for qualifications like Enrolled Agent (EA) or Certified Public Accountant (CPA).
  • Reviews: Research customer experiences and ratings.
  • Services Offered: Some professionals provide extra support, such as audit defense.

Maximizing Your Refund

To ensure you receive the best possible tax refund, it is crucial to understand the tax credits and deductions available to you against your income taxes fully and to utilize modern banking conveniences like direct deposit. By doing this, you can affect not only the size of your tax refund but also the speed with which you receive it in your account.

Understanding Credits and Deductions

Recognize that tax credits and deductions can substantially decrease your tax liability. For 2024, familiarize yourself with the different credits available to you. Remember, credits like these can directly reduce the amount of tax you owe, sometimes leading to a substantial refund.

  • Child Tax Credit: Provides credits for qualifying children under a certain age.
  • Additional Child Tax Credit: For those who receive less than the full CTC, this may offer a refund even if you do not owe any tax.
  • Earned Income Tax Credit: Aimed at lower to moderate income workers, especially those with children; the amount of the credit varies based on your income, filing status, and number of children.

Diligently keep track of deductions—expenses the IRS allows eligible taxpayers to subtract from their taxable income. These can include anything from healthcare costs to charitable contributions. Every deduction for which you qualify can move you closer to a larger refund.

Utilizing Direct Deposit

Choosing direct deposit for your tax refund is a decision that combines security with convenience. Here’s why:

  1. Speed: Receive your refund faster than you would by check.
  2. Security: There’s less risk than a physical check getting lost or stolen.
  3. Simplicity: Directly access your funds without needing to deposit a check.

To opt for direct deposit, you’ll need to provide your bank account and routing numbers on your tax return form. This could split your refund across three accounts, such as checking, savings, and even a retirement account.

  • Checking Account: Useful for immediate expenses.
  • Savings Account: Helps build your emergency fund or savings goals.
  • Retirement Account: Contributes towards your long-term financial well-being.

By carefully optimizing your credits and deductions and selecting direct deposit, you lay the groundwork to maximize your tax refund for the year 2024.

Checking Your Refund Status

To effectively track your 2024 tax refund, the Internal Revenue Service (IRS) offers valuable online tools that provide you with timely updates on your refund status.

When Do Tax Returns Come 2024

The IRS maintains a dedicated online service known as “Where’s My Refund?” which is accessible through the IRS website, IRS.gov. After filing your tax return, you can check your refund status 24 hours after your e-filed tax return is received or four weeks after mailing your paper return.

The IRS also offers a mobile app, IRS2Go, which is a convenient alternative for checking your refund status. It is available for both iOS and Android devices and provides the same information as the “Where’s My Refund?” tool.

Here are some specifics about using these resources:

  • Use [Where’s My Refund?](https://www.irs.gov/newsroom/tax-time-guide-irs-enhances-wheres-my-refund-tool-for-2024-filing-season) on IRS.gov to obtain the most up-to-date information regarding your 2024 refund. The tool is updated once every 24 hours, usually overnight, so there is no need to check more frequently.
  • Be prepared with your Social Security number (SSN), filing status, and the exact refund amount when checking online or through the app.
  • The IRS refund schedule indicates that most refunds are issued within 21 days of filing if you e-file and choose direct deposit. Keep this timeline in mind to set realistic expectations.

Remember, these tools are not only the official and most accurate ways to check your refund status but also the quickest, saving you time and providing peace of mind.

Special Situations and Considerations

When navigating the complexities of tax returns, you need to be aware of how to manage circumstances such as amended returns and the repercussions of audits or tax discrepancies. Each situation demands specific actions and an understanding of potential consequences.

Amended Returns and Audits

If you discover errors on your filed tax return, filing an amended tax return is the correct course of action. The IRS provides tax inflation adjustments for tax year 2024, which could impact your amended return calculations. Timely addressing mistakes can minimize the chances of an audit. However, if you’re audited, remain organized and consult with a professional to guide you through the process. Documentation is key, and honesty should be your policy to avoid implications of fraud.

Handling Tax Debts and Discrepancies

If you’re facing tax debt, it’s important to deal promptly with the IRS. The Inflation Reduction Act may influence repayment options or introduce new considerations for your situation. Here’s what you should do:

  1. Review your tax notice carefully to understand the discrepancy.
  2. Gather relevant financial documents.
  3. Explore installment plans if you’re unable to pay taxes in full—this may prevent escalating penalties.
  4. In cases of severe financial hardship, an Offer in Compromise may be a viable option.

Remember, ignoring tax debts will only compound your problems with added interest and fees, so address any issues head-on.

Need professional assistance with your personal taxes?

Our team of experienced CPAs is here to help! Request a quote today and let us handle your tax needs with expertise and personalized solutions.

Practical Tips for Taxpayers

Navigating the tax season involves keen attention to details and awareness of the latest tax regulations. Accurately managing your social security number, filing status, and income reports is crucial for a smooth tax filing process.

Avoiding Common Mistakes

When completing your Form 1040, ensure your social security number is correctly entered and matches official documents. Your filing status, whether single, married, or head of household, determines the tax rates and brackets applicable to your income. Be diligent in reporting all sources of income, as underreporting may lead to penalties.

  • Checklist for Form 1040:
    • Social Security Number: Correct and verified
    • Filing Status: Selected accurately
    • Income: All sources included
    • Adjusted Gross Income: Calculated correctly

If you’re making estimated tax payments, particularly for self-employment, stay on top of these quarterly contributions to avoid any underpayment fees.

Staying Informed on Tax Changes

Throughout the year, the federal government may pass legislation impacting tax laws that impact tax filers and how their federal tax return is calculated. Pay special attention to changes tied to inflation, as this influences tax brackets and deduction amounts.

  • Keep Informed About:
    • Legislation affecting taxes
    • Inflation and its impact on tax brackets
    • Adjustments to contributions for retirement accounts

For the latest insights into how these changes could affect your taxes, follow tax professionals like Ramin Mohammed and My Personal Tax CPA, who share reliable tax advice online and plan accordingly.

Remember to adjust your approach to the prevailing tax conditions each year, ensuring you’re leveraging the best strategies for your fiscal health.

Frequently Asked Questions

When do tax returns come in 2024?

For the 2024 tax season, if you file electronically and choose direct deposit, you can expect your refund within 21 days after the IRS acknowledges receipt of your return. Paper returns or requests for check refunds will take longer.

How does the child tax credit affect the timing of tax returns in 2024?

Due to provisions in the past tax legislation, the IRS may hold refunds which include the CTC until mid-February. This is to ensure proper anti-fraud measures.

What are the IRS guidelines for tax refund deposits schedule in 2024?

The IRS issues more than 90% of refunds in less than 21 days. However, it’s important to refer to the official IRS guidelines for the most current schedule as some returns could require additional review.

How can I determine the status of my 2024 tax refund?

To check the status of your refund, use the IRS tool “Where’s My Refund?”, accessible online or through the IRS2Go app. You’ll need your social security number, filing status and exact refund amount.

What factors may delay tax refunds in 2024?

Errors, incomplete returns, or suspected fraud can delay refunds. Returns claiming special credits like the CTC, ACTC and the Earned Income Tax Credit also face additional scrutiny and delay.

Are there any changes to the tax refund process for 2024 to be aware of?

For the 2024 tax year, watch for updates from the IRS regarding the refund process, such as adjustments due to new legislation or changes in policy. The Consumer Financial Protection Bureau guide can offer guidance on what’s new.

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult a tax, legal and accounting advisors before engaging in any transaction or submitting any IRS form.
Picture of Ramin Mohammad

Ramin Mohammad

Ramin Mohammad is a lawyer and CPA with over 15 years of experience including working in audits, teaching, and in big law. Ramin helps clients on both personal and business related tax issues ranging from a multitude of practice areas including tax structuring, planning and cross jurisdictional taxes. His client-base expands throughout the US and overseas offering tax consulting, tax planning and tax preparation.

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