While filing taxes can be a hectic job, it is necessary as well. Almost every person in the US is bound to file taxes, depending on the conditions. However, tax filing and paying taxes are two different things. You can be fined for not filing taxes, but you can not be fined for not having enough money to pay taxes. 

An individual ought to learn how to file taxes since it's a crucial skill. One can file taxes themselves without any further assistance, or they can opt for hiring professional tax filers for the job. CPAs are highly skilled individuals who are knowledgeable about the tax situation of every area of the city. There are a few things a person should keep in mind before filing taxes. 

To start filing taxes this year in 2024, the IRS gave an estimated date, i.e., between January 15th to February 1st. Individuals can file taxes starting from these dates. However, one can begin collecting information for their taxes long before the date is announced. In this article, we will learn more about when to start filing taxes and how to do it. 

Am I Supposed To File Taxes?

Not everyone is bound to file taxes. There are certain criteria as to who is eligible and bound to file taxes. People who are single or less than 65 years old and earn less than $12000 per year aren't bound for tax filing in 2024. The IRS has given a list of individuals with the amount of money they earn. The more you earn, the more likely you are to file your taxes. 

When To Start Tax Filing?

Tax filing can take you a few hours to a few days, depending on the knowledge you have, as well as the necessary documents required for filing taxes. Although the IRS releases a date when you can start filing taxes, you can still file taxes before that date and send it to them. The documents will remain pending, but as soon as the portal opens, your tax will be automatically filed. It is ideally preferred to start filing taxes as soon as you have the proper documents like Form-W2 or Form-1099. 

How To File Your Taxes?

The biggest question is whether I file my taxes online or send it. Income tax return filing via mail/online may result in a faster tax return. However, some might prefer sending the documents by hand via physical mail. You can expect to receive a tax return within 21 days, whereas when filing taxes physically, you can expect a tax return within a few months. In case there is a delay of more than six months in tax returns, it can be a problem that you can report to the IRS. Sometimes, the IRS may take longer to file a tax return. There may be several reasons for this. Some of them include:

  • Error in document presentation 
  • Suspicions of identity theft
  • False information or hiding information
  • Error in credits and deductions

Methods of Tax Filing:

The same individual can either do tax filing or you can hire a professional and avail of tax filing services. The latter is a better option as they can provide you with a better and customized plan for handling your taxes effectively, all while increasing your credits and decreasing deductions. A professional tax expert can help file your taxes without any errors. Their knowledge of recent tax rules and regulations and their skills help you effectively clear your name with the IRS. 

You could also opt for filing taxes using a software system. They are an effective way to help you in filing taxes. There are different software available to help you with tax preparations. Some of them include: 

  • TurboTax
  • H&R Block
  • TaxSlayer
  • Cash App Taxes
  • TaxAct

Apart from these, the IRS is developing software for filing taxes that will be free of cost. They are still looking into it, but it might soon be available to the general public.

What Is The Deadline For Filing 2024 Tax Returns?

The last date for filing 2024 taxes is April 15th. The IRS expects all taxpayers to have submitted their documents for tax returns before this date. If you cannot file taxes on time, you may apply for an extension. All you need to do is submit a Form 4868 latest by a few days after the last date in order to receive an extension. If your request is approved, you may receive an extension till October 15th, 2024. However, if an individual fails to file taxes on time and doesn't request for an extension, they will have to pay a hefty fine and other penalties. 

Summary:

To summarize, you can always start filing taxes if you have the proper documents available with you. You may either file them yourself or ask a professional for help and guidance. H&M Tax Group is a company that offers professional tax experts to help you file taxes during tax season. Not only that, they guide your taxes all year round.