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Tax Season 2024 – Your Essential Guide to Filing Taxes

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As we gear up for the 2024 tax season, the Internal Revenue Service (IRS) will commence accepting and processing federal income tax returns on Monday. Filing your taxes might not be the most exciting task, but it’s an essential one to avoid potential penalties.

Tax Season 2024 – Your Essential Guide to Filing Taxes

Guided Tax Software’s Free Online Filing for Incomes Under $79,000!

Guided Tax Software offers a solution with its free online tax preparation and filing service, available at an IRS partner site. This service is free for qualifying taxpayers with an income of $79,000 or less, making it an accessible option for many.

READ ALSO: Up to $3,200 Stimulus Payment: Relief for SSI, SSDI, and SSA Beneficiaries!

Here is your comprehensive “Guide to Filing Taxes” with eight practical tips to make your tax-filing experience smooth, efficient, and cost-effective:

  1. Know Your Deadlines: The general filing deadline is April 15, but it’s crucial to be aware of any extensions or variations based on your location or circumstances.
  2. Refer to Last Year’s Return: Your 2022 tax return provides a starting point for gathering necessary documents, especially if you’ve opted for paperless record-keeping.
  3. Assess Changes in Your Life: Major life events in 2023, such as marriage, divorce, or moving to a new state, can impact your tax liability. Be mindful of these changes.
  4. Check for 1099-K from Payment Apps: If you have a side gig or small business and received payments through apps like Venmo, ensure you check for a 1099-K form.
  5. Fill Out Form 8962 for Premium Tax Credits: If you received advanced premium tax credits for health insurance, complete Form 8962 using information from Form 1095-A.
  6. Stay Informed About Potential Tax Breaks: Keep an eye on Congress for updates on tax breaks, such as potential expansions to the Child Tax Credit and increased deductions for small business owners.
  7. Speed Up Your Refund: If you’re expecting a refund, file accurately and electronically for a quicker turnaround, especially if you qualify for the Earned Income Tax Credit.
  8. Explore Free Filing Options: Determine if you qualify for free filing services, either through tax software providers or the IRS’s pilot program, Direct File, available in select states.

Navigating the tax season doesn’t have to be overwhelming when you have this “Guide to Filing Taxes.” Follow these tips to simplify the process and ensure a stress-free filing experience.

READ ALSO: Chick-fil-A Settles Class Action Lawsuit, Offers $29 Vouchers to Eligible Customers in Five States

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