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IRS tax-filing season to kick off on Jan 29

The IRS announced on Monday that it will start accepting and processing 2023 tax returns for individuals on Jan. 29. The deadline for filing is April 15.

The IRS announced on Monday that Americans can officially start filing their individual income tax returns for 2023 on Jan. 29.

Most taxpayers will have until Monday, April 15 to submit their returns or request an extension. However, the agency encouraged Americans to start working on their tax returns as soon as possible, especially if they expect to receive a refund.

The majority of taxpayers can typically expect to receive a refund from Uncle Sam. 

For many families, the money can be substantial. Nearly three-quarters of filers received a tax refund in 2023, with an average payment worth about $3,176.

IRS PLANS TO TEST FREE TAX-FILING PILOT PROGRAM IN 13 STATES NEXT YEAR

In order to receive your refund within 21 days of filing, the IRS has cautioned that you must file your return electronically, ensure that it is accurate and complete and request to receive the refund via direct deposit.

The IRS expects to receive more than 128.7 million individual tax returns by this year's deadline.

The "Free File" tool, which offers free tax prep services to eligible taxpayers, will open Jan. 12 and remain open through the October tax extension deadline. Taxpayers qualify for the service with an adjusted gross income of $79,000 or less for 2023.

IRS LOOKS TO HIRE 3,700 NEW AGENTS TO CRACK DOWN ON WEALTHY TAX CHEATS

If you are an individual, you can request an extension online by filling out Form 4868 using the IRS’ "Free File" tool. You need to submit the form by April or print the form and mail it to the IRS address for your state, making sure it is postmarked by April 15. 

Once you file the extension, you have until Oct. 15, 2024, to file your taxes.

The beginning of tax season comes as the agency begins to implement an $80 billion funding overhaul intended to modernize technology, improve customer service, deliver real-time alerts, enhance customer service and crack down on the so-called tax gap by enhancing enforcement of the wealthy.

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The funding boost stems from the Inflation Reduction Act, signed into law by President Biden in 2022. 

"As our transformation efforts take hold, taxpayers will continue to see marked improvement in IRS operations in the upcoming filing season," IRS Commissioner Danny Werfel said in a news release. "IRS employees are working hard to make sure that new funding is used to help taxpayers by making the process of preparing and filing taxes easier."

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