Like it or not a new tax season has begun. Time to collect those wage statements and business expenses and hope for the best. I know, this time of year induces some major groans, but there’s a lot you can do to make the IRS work for you. The IRS expects more than 128.7 million individual tax returns to be filed by the April 15, 2024, tax deadline, the agency says. Here’s how to make this process go smoothly and maximize your refund, if you’re due one.
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Track Your Refund Online. Don’t even try to call to find out where your check is: you will spend a lot of time on the phone. Taxpayers can track their refund easily and conveniently with the IRS’s “Where’s my refund? tool” at IRS.gov/refunds and with the IRS2Go app. Refund status is available within 24 hours of the IRS letting the taxpayer know that they got the e-filed return. The tool also gives the taxpayer a personalized refund date after the IRS processes the return and approves the refund.
Check Your Withholding. If you just have one source of income, this is easy to do. Generally, if you are due a refund, you may be withholding too much in payroll taxes. Tax time gives you a good opportunity to make adjustments. The IRS even encourages taxpayers to perform a quick “paycheck checkup” by using the Withholding Estimator to see if they have the right amount of withholding for their personal situation.
Were You Impacted by A Disaster? Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. The IRS may also grant additional time to file returns and pay taxes. To find the most recent tax relief provisions for taxpayers affected by disaster situations, visit the Tax relief in disaster situations page.
In addition to these tips, make every effort to file electronically. It may result in a faster refund. To protect your personal information, you will need the IRS to assign you a unique IP PIN — a six-digit number that prevents someone else from filing a tax return using your Social Security number or Individual Taxpayer Identification Number.
The IP PIN is known only to you and the IRS. It helps them verify your identity when you file your electronic or paper return. Even though you may not have a filing requirement, an IP PIN still protects your account. For more information, click here.