CNN
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This Monday is the first day that the Internal Tax Service (IRS) will begin accepting and processing income tax declarations of 2024.
So, whether you are in a hurry to get your refund or simply ask how long you can postpone the sending of your statement, here you will find what you need to know and some tips to calculate your taxes is a little easier.
The official deadline for the presentation and payment of IRS taxes this year is April 15, unless:
You live in a disaster zone declared by the Federal Government: For residents and companies in these areas, the IRS generally grants extensions for both the presentation and for the payment of income taxes, in addition to any other federal tax obligation that may have in a given period. (Specific relief notices by disaster area can be found here on the IRS website). For example, the IRS postponed the limit dates of presentation and payment of taxes until October 15 for those in the counties affected by forest fires in the Los Angeles area.
You cannot or do not want to submit your statement before April 15: There is no problem whenever request an automatic extension six months before that date. However, this type of extension is simply postponed the presentation of your declaration of 2024, but it is not an extension to pay what you owe. If you owe money to IRS for fiscal year 2024, April 15 remains your payment deadline.
The IRS direct file program, which allows eligible taxpayers to present their taxes directly to the IRS for free, is now available in 25 states, compared to the 12 of last year when the agency tested the program.
The states are: Alaska, Arizona, California, Connecticut, Florida, Idaho, Illinois, Kansas, Maine, Maryland, Massachusetts, Nevada, New Jersey, New Hampshire, New Mexico, New York, North Carolina, Oregon, Pennsylvania, Dakota Del South, Tennessee, Texas, Washington, Wisconsin and Wyoming.
In addition, the IRS is being associated with certain companies of software Private sector preparation that will allow you to submit your statement for free if you meet the requirements. In general terms, it is only for taxpayers whose adjusted gross income is US $ 84,000 or less. Beyond that, each of the private sector partners has its own eligibility criteria based on factors such as age, income and state residence, but all offer “military personnel in active duty with a adjusted gross income of US $ 84,000 or less in 2024, preparation and presentation of free taxes using Free File of the IRS ”, according to the IRS.
Your statement from the previous year will give you a good starting point to determine what documents you need to have at hand to complete your 2024 state for its acronym in English).
List the big changes you had in 2024
Did you get married or divorced? Did you have a baby? Did you start secondary work to obtain more income? Did you sell a house or other important investment? Did you start receiving payments from Social Security or an inherited account? Did you lose work and gained unemployment benefits?
Large transitions in life and income changes may have a direct effect on your tax obligation, including the tax exemptions that you can take advantage of and the size of your reimbursement, or the amount of additional taxes that you must.
While you can receive paper versions of the tax documents of 2024, it is possible that others only deliver electronically. Therefore, check your email box, your email and your relevant online accounts to make sure you have received all W2, 1099 forms, donation receipts and any other information information form for the profits that you will need from your banks , Bag runners, employers, favorite beneficial organizations, etc.
If they paid you for goods and services that you provided through payment applications or online markets such as Venmo, Cashapp, Airbnb and Etsy, you may receive a 1099-K form that report your transactions if, together, they exceeded US $ 5,000 per year (the previous threshold used to be US $ 20,000).
You could also receive a 1099-K form if those combined transactions were lower than that, especially if you live in Maryland, Massachusetts, Vermont or Virginia, where the report threshold is established at US $ 600.
If you receive a 1099-K form by mistake (for example, the form includes transactions that were of a personal nature), consult this IRS document to obtain some tips on how to correct the situation.
But, in general terms, the IRS expects you to report all the information 1099-K you receive in your declaration of 2024. Then, adjust the errors in that statement using Annex 1 or by means of a statement amended after submitting your original statement before of the presentation deadline (what you should do to avoid fines if you owe money).
If you bought an electric vehicle, that qualifies for the energy credit for clean vehicles or the credit of clean vehicles used. Your concessionaire must send you to you and the IRS a 15400 form, known as the Clean Vehicle Seller Report. The information of this form should be included in your statement to help you claim or reconcile the credit you claim in your statement, according to the NATP.
There is much talk about increasing the deduction of state and local taxes. None of that applies to your tax declaration of 2024. Legislators can change the deduction in the future, but for now it is still limited to US $ 10,000.
So, if you are detailing their deductions or calculating if it is worth doing (what happened if all its detailed detailed deductions exceeded your standard deduction), then you can only deduce up to US $ 10,000 for state and local taxes on rent, the property and the sales you paid last year.
The only real reason why most people are eager to present their statement is whether they are owed a refund.
Most American taxpayers usually receive a refund, which IRS usually issues within 21 days after acceptance of their statement. However, the agency indicates in its place that if you request a tax credit for work income, the IRS cannot issue the reimbursement related to the EITC before mid -February.
To track the status of your refund after presenting it, you can use the tool “Where is my refund?” of the agency.
(tagstotranslate) Taxes
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