As we usher in the new tax season, it’s crucial for taxpayers to be aware of the key dates and deadlines for the 2023 tax year. With the right preparation, you can ensure a smooth experience using TurboTax to file your taxes.
Important Dates to Remember for the 2023 Tax Year
- January 1, 2024: The IRS officially begins processing 2023 tax returns. TurboTax is ready to help you prepare and e-file your federal income tax return for the previous year.
- Late January: Additional forms or schedules become available, allowing for a more comprehensive tax filing experience.
- February/March 2024: Employers and businesses issue Forms W-2 and various 1099 forms. These documents are essential for accurately reporting income on your tax return.
- April 15, 2024: The traditional deadline for filing federal income taxes and requesting an extension if necessary. If this date falls on a weekend or holiday, the deadline will be adjusted accordingly.
TurboTax Tips for a Hassle-Free Tax Preparation
- Gather All Necessary Documents: Before you begin, ensure you have all income statements, such as W-2s from employers and 1099s if you’re a contractor or freelancer.
- Review Potential Deductions: Don’t miss out on deductions you may qualify for, like charitable donations or home office expenses. TurboTax can guide you through these to maximize your refund.
- Start and Stop as Needed: TurboTax Online saves your progress, so you can start your tax return and finish it later without losing any data.
- Utilize Expert Help: With TurboTax Live Full Service, you can have a tax expert prepare your taxes from start to finish, ensuring accuracy and maximizing your deductions.
Valid Points to Consider
- Pre-Planning: Taking the time to pre-plan and organize your documents can significantly reduce stress during tax season. It allows you to gather important receipts and other documentation that could support your deduction claims.
- Ease of Use: TurboTax software simplifies the tax filing process for small business owners, the self-employed, and individuals, making it easier to file taxes accurately.
By preparing for these important deadlines and utilizing online tax software like TurboTax, you can stay on top of your taxes and maximize your chances of receiving refunds or minimizing tax debt owed. Remember, the best time to begin your 2024 taxes on TurboTax is now, ensuring you’re ahead of the game and can take advantage of all the features and support available.
FAQs
You can begin filing your 2024 taxes with TurboTax as soon as IRS forms become available, which is typically in late January. Early filing allows you to get any potential refund due to you sooner.
The deadline to file your 2024 federal income tax return is April 15, 2025. However, if you cannot file by this date, you may be able to request an extension.
Yes, many states offer e-filing and allow you to file both your federal and state taxes at the same time using TurboTax. Be aware of any state-specific deadlines, which may differ from the federal deadline.