Enya's Tax Service llc
Enya's Tax Service llc’s expertise to work for you.
Balance Sheet Preparation is a phenomenal way to put Enya's Tax Service llc’s expertise to work for you. Our team consists of financial professionals who are specialists in a number of different industries. Get in touch to learn how we can personalize this service to you.
What are the new tax rules for 2024?
New tax brackets for 2024
This year, the lowest rate is 10%, for single-filing individuals who make up to $11,600 in 2024. This is up from a cutoff of $11,000 for 2023. The highest rate is 37%, for single-filing individuals who make over $609,350 (up from $578,125 last year).
What is the child tax return for 2024?
If you're curious about how this tax benefit will change in future years, it's possible to take a look ahead. For the 2024 tax year (tax returns filed in 2025), the child tax credit will be worth $2,000 per qualifying child, with $1,700 being potentially refundable through the additional child tax credit.
When can I start filing taxes for 2024?
Taxpayers have until April 15, 2024, to pay any taxes owed for the year 2024. However, if taxes are owed and not paid by the deadline, Individuals may be subject to penalties and interest charges. In conclusion, taxpayers can start filing their 2024 tax returns on January 18, 2024.
IRS may start accepting returns on Jan. 22, 2024. * = Estimated date the IRS may start accepting e-filed tax returns. ** = Returns with EITC or CTC may have refunds delayed until March to verify credits.
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2024 IRS Tax Refund Calendar – Estimate When You Will Get Your Tax Refund
The IRS says most e-filed tax refunds are direct deposited into taxpayer bank accounts in as little as 10 days, so why pay to get your refund?
Isaac M. O'Bannon
Nov. 22, 2023
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December is here, which means the 2024 tax filing season is coming soon. The IRS usually starts accepting e-filed income tax returns in the last week of January each year, with the deadline being April 15 (which can vary based on weekends or state holidays).
If you’re wondering how long it may take to get your refund when you do file, you’re not the only one looking for the answer. In fact, for more than 10 years, the top question we receive has been: “When will I get my tax refund?” The answer is never exact, but we can give you a pretty good estimate based on a few factors.
[The estimated refund date chart is below if you just want to scroll down.]
If you’ve had major income changes this year, had a child, got married or divorced, retired, bought a house, or changed investments, or made any other really significant life changes, you should definitely seek the advice of a tax professional like a CPA or EA in order to make sure you are complying with tax laws and also taking advantage of new changes that could benefit you.
One bit of great news is that the IRS has been been implementing technologies and that it says will help with processing tax returns faster than in the last few years, when it was still struggling to overcome issues related to the pandemic and backlogs of returns.
Keep in mind that the tax deadline will be back to the normal April 15, 2024 (except for residents of Maine and Massachusetts, due to state holidays on April 15, their deadline is April 17), and the weeks leading up to the deadline are when the IRS can get swamped by the highest number of tax returns. If you can’t file your taxes by April 15, keep reading below about how you can file an automatic extension, which gives you an additional six months to file.
[The estimated refund date chart is below if you just want to scroll down.]
Depending on when taxpayers file their returns, they can often receive their federal tax refund payment (check or direct deposit) within only 2-3 weeks.
The IRS Usually Starts Accepting Returns in Late January
In most recent years, the IRS has started accepting tax returns in late January. However, major or last-minute changes by Congress to the tax law can cause a delay in the start of the tax filing season. But in most cases, early tax filers who are a due a refund can often see the refund as early as mid- or late February if they have it direct deposited. That’s without an expensive “tax refund loan” or other similar product.
The IRS says most e-filed tax refunds are direct deposited into taxpayer bank accounts in as little as 10 days.
However, note that taxpayers with the Earned Income Tax Credit, Child Tax Credit, and a few other credits generally have their refunds delayed by about one month while the IRS confirms eligibility for these credits.
If your IRS income tax refund is delayed after you’ve filed, ask your tax professional, or simply use the “Where’s My Refund?” tool on the IRS website to check the status of your refund. Or you can download the IRS2Go app to check your refund status. It’s a good idea to e-file your tax return as soon as you have all of your tax documents (like your W2, 1099s, mortgage and student loan interest, and other items) as e-filing generally ensures a faster turnaround time.
Several factors can determine when a taxpayer might receive his or her tax refund, including:
How early the return is filed;
If the taxpayer is claiming certain credits (especially EITC and CTC);
Whether the return is e-filed or sent by mail;
Whether the taxpayer has existing debts to the federal government.
So, here’s the chart you were looking for. If the IRS announces any changes this spring, we will update this chart. And remember: This is an estimate of when to expect your refund. It is not exact, as all taxpayers have different tax returns, documents, incomes, and other situations. Note that the first column is when the IRS “accepts” your return, which can be 2-3 days after when you submitted it electronically. Mailing in a paper return can result in a few weeks’ extra delay at the beginning of the process, since the IRS will need to enter it into their computer systems manually.
Estimated 2024 IRS Income Tax Return Chart
If the IRS Accepts an E-Filed Return By: Then Direct Deposit refund may be sent as
early as 10 days after e-file received.
(Paper check mailed sent apx. 1 week after that):
* IRS may start accepting returns on Jan. 22, 2024.
* Jan 22, 2024 Feb. 2 (Feb. 9)**
*Jan. 29, 2024 Feb. 9 (Feb. 16)**
Feb. 5 Feb. 16 (Feb. 23)**
Feb. 12 Feb. 23 (Mar. 1)**
Feb. 19 Mar. 1 (Mar. 8)**
Feb. 26 Mar. 8 (Mar 15)
Mar. 4 Mar. 15 (Mar. 22)
Mar. 11 Mar. 22 (Apr. 29)
Mar. 18 Mar. 29 (April 5)
Mar. 25 Apr. 5 (Apr. 12)***
* = Estimated date the IRS may start accepting e-filed tax returns.
** = Returns with EITC or CTC may have refunds delayed until March to verify credits.
*** = Filing during peak season (late March through April 15) can result in slightly longer waits.
IRS Accepts Return By: Direct Deposit Sent (Or Paper Check Mailed one week later)
Apr. 1, 2023 Apr. 12 (Apr. 19)***
Apr. 8 Apr. 19 (Apr. 26)***
Apr. 15 Apr. 26 (May 3)
Apr. 22 May 3 (May 10)
Apr. 29 May 10 (May 17)
May 6 May 17 (May 24)
May 13 May 24 (May 31)
May 20 May 31 (June 7)
IMPORTANT: If you file electronically (using an online tax program or preparer), the IRS will notify you of the actual date on which the agency “accepted” your return. This is often 1-3 days from the time you actually hit the “file” or “submit” button, and it is this date that you need to use on the left side of the above chart.
Taxpayers who mail a paper version of their income tax return can expect at least a 3-4 week delay at the front-end of the process, as the return has to be entered into the IRS system before it can be processed.
Be Safe – Hire a Professional
Taxpayers who use a professional, such as a CPA or EA, can ask that professional for the estimated date of their tax refund, and they can be more confident that their taxes have been properly (and legally) filed.
There are also apps for Apple, Android and other devices that help track refund status.
Other Notes:
In general, the IRS says that returns with refunds are processed and payments issued within 21 days, and often in as little as 10 days. For paper filers, this can take much longer. The IRS and tax professionals strongly encourage electronic filing.
What If You Can’t File Your Income Taxes By April 15?
Taxpayers who don’t have all of the paperwork needed in order to file their taxes can easily file an extension form, “Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.” (Link to IRS Form 4868.) – This will give the taxpayer until October 15, 2024 to file the federal tax return. No reason or excuse is needed to receive this extension, and as the title states, it is automatically granted. Be sure to check the extension rules for your particular state as the extension date may differ from the date for the federal return extension.
Note that if a person will owe taxes with the tax return, it is still that taxpayer’s obligation to pay those taxes by April 15, 2024, even if an extension to file has been requested. A tax professional can assist with this payment process. Those who are due a refund generally only need to file the extension request by April 15, 2024. Any tax professional and most do-it-yourself tax programs can perform this task.
Tax Refund Estimators:
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
https://www.taxact.com/tools/tax-calculator
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Tax Calculator - Refund & Return Estimator 2022-2023 | TurboTax® Official Estimate your tax refund or how much you may owe to the IRS with TaxCaster, our free tax calculator that stays up to date on the latest tax laws so you can be confident in the calculations.
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If you earned some extra $$ from a second job, are self-employed or have income from the Gig Economy, you may need to pay estimated taxes. Check your withholding now to avoid a surprise tax bill from the . www.irs.gov/withholding
Have multiple incomes? Multiple jobs? You may want to check your tax withholding with this tool and avoid tax-time surprises: www.irs.gov/withholding
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What’s The Earliest Date To File Taxes In 2023? How To Get The Quickest (And Biggest) Tax Return The key to getting your tax refund quickly is filing your taxes as soon as possible. This also protects you against identity theft. So, why wait?
https://www.irs.gov/newsroom/get-ready-for-taxes-whats-new-and-what-to-consider-when-filing-in-2023
Get Ready for taxes: What's new and what to consider when filing in 2023 | Internal Revenue Service IR-2022-213, December 6, 2022 — The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns.
It’s important to choose a wisely! Don’t forget—you’re ultimately responsible for all the information on your return, no matter who prepares it for you. Tax Pros have differing levels of skills, education and expertise, so be sure to find the one that best fits your tax needs. To learn more, check out this IRS Tax Tip: http://ow.ly/nJWj50LTTaP
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Home | Enya's Tax Service llc Balance Sheet Preparation is a phenomenal way to put Enya's Tax Service llc’s expertise to work for you. Our team consists of financial professionals who are specialists in a number of different industries. Get in touch to learn how we can personalize this service to you.
FYI :
Child Tax Credit
For the tax year 2021, the child tax credit amount increased from $2,000 to $3,600 for qualifying children under age 6, and $3,000 for other qualifying children under age 18. The entire amount was also refundable. However, the enhanced version of the credit disappeared in 2022—a version of the child tax credit remains in place for 2022 and 2023.
The 2023 credit amount will remain at the original $2,000 per qualifying child since it is not adjusted for inflation. However, the maximum refundable portion of the credit for a qualifying child is adjusted for inflation and is expected to be $1,600 in 2023.
COMMON TAX TRANSCRIPT CODES:
846= REFUND DATE IS NEXT TO IT
570= HOLD CODE (SOMETHING IS HOLDING YOUR RETURN UP)
571= REVERSAL OF 520 HOLD
572= CORRECTION OF 520 ERROR
826= IRS TOOK ALL OF YOUR REFUND TO PAY A DEBT
420= EXAMINATION INDICATOR
421= REVERSE EXAMINATION INDICATOR
710= OVER-PAYMENT CREDIT APPLIED FROM PREVIOUS YEAR
764= EARNED INCOME CREDIT
765- EARNED INCOME CREDIT REVERSAL
766= GENERATED REFUNDABLE CREDIT
768 EARNED INCOME CREDIT
800= CREDIT FOR WITHELD TAXES
810= REFUND FREEZE
811= REVERSE REFUND FREEZE
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