The Internal Revenue Service (IRS) encourages taxpayers to visit IRS.gov for tips, tools and resources to help them prepare to file their 2023 federal income tax return.
The Get Ready to File Your Taxes page on IRS.gov outlines steps taxpayers can take now to make filing taxes easier in 2024. Let’s see some of them:
✅ Interactive Tax Assistant
The Interactive Tax Assistant is a tool on IRS.gov that can help taxpayers with various questions about tax law and include:
- Who needs to file a tax return.
- What is the best filing status for filing a return.
- Who can claim a dependent.
- Who can claim a credit or deduct certain expenses.
✅ Earned Income Tax Credit Wizard
The Earned Income Tax Credit (EITC) helps low to moderate income workers and families get tax relief. The EITC can reduce taxes owed and may result in a larger refund for taxpayers:
- Whether they are eligible to claim the EITC.
- Whether they have children or eligible family members
- The estimated amount of their credit
- The filing status they should use.
✅ Where is my refund?
Most refunds are issued in less than 21 days. Taxpayers can use Where’s My Refund? to check the status of their 2023 tax refund within 24 hours after e-filing.
Typically, information about a refund is available after four weeks for taxpayers who filed a paper return. The “Where’s My Refund?” information will be updated daily.
✅ IRS Online Account
Taxpayers with a Social Security number or a Taxpayer Personal Identification Number can create or access their IRS online account to get the information they need to file their return.
With an IRS online account, individuals can:
- View balance due, payment history and schedule payments;
- Cancel scheduled payments – new feature for 2024;
- Get transcripts;
- View or create payment plans;
- View digital copies of some IRS notices;
- View key data from your most recent tax return, including adjusted gross income;
- Validate bank accounts and store multiple accounts, eliminating the need to re-enter bank account information each time a payment is made;
- View, approve and electronically sign powers of attorney and tax information authorizations from your tax professional.
✅ Identity Protection PIN
The Identity Protection PIN is a six-digit number that prevents someone else from filing a tax return with the taxpayer’s Social Security number or Individual Taxpayer Identification Number (IP PIN). The IP PIN is known only to the taxpayer and the IRS, and helps to verify the taxpayer’s identity when filing an electronic or paper tax return.
The fastest way to receive an IP PIN is through the Get an Identity Protection PIN online tool, which will be available from Jan. 8 through mid-November. Taxpayers who want an IP PIN and do not already have an online account on IRS.gov must register to confirm their identity.
✅ IRS.gov Filing Options
Taxpayers should make IRS.gov their first visit when looking for options for filing their 2023 federal income tax return:
- IRS Free File. Almost everyone can e-file for free through IRS Free File. Those who are comfortable preparing their own taxes can use Free File Interactive Forms, regardless of their income, to file their tax return either online or by mail.
- Volunteer Taxpayer Assistance and Tax Counseling for the Elderly. Taxpayers can find organizations in their community with IRS-certified volunteers who offer free tax help for eligible taxpayers, including working families, the elderly, the disabled, and people who are not proficient in English.
- MilTax.A program of the Department of Defense, MilTax generally offers free return preparation and electronic filing software for federal tax returns and up to three state tax returns for all military members, and some veterans, with no income limit.
- Direct File Pilot Program. The IRS is piloting a new tax filing service during the upcoming tax season called Direct File that offers eligible taxpayers a new option to file their 2023 federal tax returns online, for free, directly with the IRS.
✅ Find an authorized e-file provider
Tax professionals accepted by the IRS e-file program are authorized IRS e-file providers. They are trained to prepare, transmit and process e-file returns.
Most tax return preparers provide excellent and professional tax service. However, choosing the wrong tax preparer hurts taxpayers financially each year.
📕 Need help getting your taxes ready?
📍 At Wave Tax we can give you advice on everything related to you and your company’s taxes. Contact us at info@wavetax.us