The Internal Revenue Service (IRS) has initiated the 2024 tax season, providing crucial guidance to taxpayers for a smooth and efficient filing process. This year’s tax season commenced on January 27, 2025, allowing individuals to file and pay their taxes. The IRS emphasizes six key points to ensure accuracy and avoid delays.
First and foremost, thorough preparation is paramount. Taxpayers are urged to gather all necessary documentation, including Social Security numbers, bank details, income statements (W-2s, 1099s, 1098s), records of digital asset transactions, health insurance marketplace statements (Form 1095-A), and any relevant IRS letters. This comprehensive approach minimizes errors, omissions, and potential delays in processing returns and refunds. Having these documents readily available streamlines the filing process and ensures a complete and accurate representation of financial activity during the tax year.
Secondly, accurate income reporting is crucial. Taxpayers must report all sources of income to avoid discrepancies and potential inquiries from the IRS. This includes income derived from traditional employment, online sales, investments, part-time or seasonal work, self-employment, and services provided through mobile applications. Failing to report all income can lead to penalties and further complications with the IRS. It’s essential to maintain accurate records of all income streams throughout the year to facilitate comprehensive reporting during tax season.
Thirdly, the IRS strongly encourages online filing as the most efficient and expeditious method for submitting returns and receiving refunds. The IRS website offers user-friendly online resources, including tax software that guides taxpayers through each section of their return, minimizing errors and ensuring accuracy. The software performs calculations automatically, reducing the risk of mathematical mistakes. Furthermore, online filing allows for faster processing and quicker refunds compared to paper filing.
Fourthly, the IRS offers a range of free resources to assist taxpayers with their filing obligations. IRS Free File provides a cost-free online alternative to paper filing for individuals or families earning $84,000 or less. Direct File, available in select states, offers a free online filing option directly with the IRS, supporting a wider array of income types, credits, and deductions this year. This service is available in both English and Spanish and provides access to live customer support. For those exceeding the income limit for Free File but comfortable with self-preparation, Free File Fillable Forms offer electronic versions of IRS paper forms. Furthermore, free in-person tax preparation assistance is available through Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs, catering to individuals earning generally $67,000 or less, persons with disabilities, limited English speakers, and those aged 60 or older. Military personnel, veterans, and their families can utilize MilTax, a free tax resource offered by the Department of Defense, with no income limits and the ability to file up to three returns.
Fifthly, taxpayers should carefully choose the tax filing option that best suits their individual circumstances and level of comfort with tax preparation. Options include self-preparation, utilizing online filing services, or seeking professional assistance from a tax preparer. While the majority of tax preparers are reputable and provide excellent services, the IRS cautions against dishonest preparers who may submit fraudulent returns. The IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications can assist in finding qualified and trustworthy professionals. Selecting the right filing method ensures accurate and compliant tax returns. Careful consideration of individual needs and capabilities is crucial in this decision-making process.
Lastly, the IRS emphasizes the availability of online resources at IRS.gov, offering round-the-clock access to answers to tax questions, refund status checks, and online tax payment options. These resources eliminate wait times and appointments, providing convenient and readily accessible support to taxpayers. The tax filing and payment deadline is April 15, 2025. By following these guidelines and utilizing the available resources, taxpayers can navigate the tax season efficiently and accurately. The IRS aims to provide comprehensive support and guidance to ensure a smooth and successful filing experience for all.
