For some, tax season represents the opportunity for a return and some much-needed relief for their bank accounts. Yet for others, it’s time to write a check to Uncle Sam. Ensure you’re up to date on all things 2024 taxes with this guidance from the Consumer Financial Protection Bureau and the IRS.
Tax Deadlines
If you’re unable to file before the traditional April 15 deadline, you do have a few options. Filing for an extension provides an extra six months until Oct. 15, however, if you believe you will owe taxes, you’re required to estimate how much you owe and pay that amount alongside your extension form.
Filing Your Taxes
Each person’s tax situation is unique, but there is an assortment of options when it comes time to file. Some people (an estimated 100 million) are eligible to file their returns for free, such as seniors, those who speak English as a second language, those with incomes of less than $60,000, servicemembers and more. Be sure to check your eligibility for services like IRS Volunteer Income Tax Assistance, AARP Foundation Tax-Aide, The Tax Counseling for the Elderly, MyFreeTaxes, GetYourRefund, IRS Free File, MilTax and more.
Accessing Your Refund
Electronically filing and choosing direct deposit is the fastest way to receive your refund. The IRS typically issues refunds within 21 days, but issuance of a paper check may take 4-6 weeks. Make sure to have your account and routing numbers ready when filing your return. One alternate solution is to have your refund issued to a prepaid card that accepts direct deposit, but there may be fees involved. Check with the card provider to determine any applicable fees.
Watch for Scams
The IRS will not contact you by email, text message or social media to request personal or financial information. Scammers may impersonate the IRS to convince you to share personal information through the mail, telephone, email and beyond.
Find more tax tips and information at irs.gov and visit eLivingtoday.com for additional financial advice.
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