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Tax season underway: What you need to know
Wealth strategist and tax expert David Ragland joins LiveNOW's Lexie Petrovic to outline what Americans need to know when filing their taxes as tax season began on Monday.
The tax filing deadline is right around the corner, and each year, filing comes with its own set of challenges and headaches. This year is no different.
If you’re still working on your tax return, the IRS has issued some last-minute tips to help relieve some stress, get this year’s taxes done accurately and refunds issued timely.
File electronically: The IRS said efile is available to all taxpayers and many can e-file their individual returns for free.
"Last year, nearly 100 million taxpayers opted for the safest, fastest and easiest way to submit their individual tax returns — IRS e-file," the agency wrote.
Current federal tax forms. (Credit: Scott Olson/Getty Images)
Check the identification numbers: The IRS said to carefully check identification numbers — usually social security numbers — for each person listed.
This includes you, your spouse, dependents and those listed in relation to claims for the Child and Dependent Care Credit or Earned Income Tax Credit.
They said missing, incorrect or illegible social security numbers can delay or reduce a tax refund.
Double-check your figures: If you are filing a paper return, the IRS said to double-check that you have correctly figured the refund or balance due.
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Tax season just started, the IRS is already behind
Tax season is officially underway. The IRS has begun officially accepting and processing 2023 tax returns, but the agency is already falling behind. Some 1.9 million returns await resolutions, compared to 500,000 at the end of 2019.
In addition, check the tax tables. If you e-file, the software will do this for you. However, if you are using Free File Fillable Forms or a paper return, it’s important to double-check that you used the right figure from the tax table for your filing status.
Sign your form: It may sound simple, but you must sign and date your return. If you’re filing a joint return, both you and your spouse must sign it, even if only one of you had income.
If you paid someone to prepare your return, they must also sign it and enter their Preparer Tax Identification Number.
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Send your return to the right address: If you are mailing a return, you can find the correct mailing address at www.irs.gov.
Pay electronically: Electronic payment options are convenient, safe and secure methods for paying taxes. You can authorize an electronic funds withdrawal or use a credit or debit card.
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People who are sending a payment should make the check payable to the United States Treasury and should enclose it with, but not attach it to, the tax return or the Form 1040-V, Payment Voucher, if used. The check should include the Social Security number of the person listed first on the return, daytime phone number, the tax year and the type of form filed.
File or request an extension of time to file: By the April 15 deadline, you should either file a return or request an extension of time to file.
This story was reported from Los Angeles.