Tax Deadline 2024: What You Need to Know

Oh boy, tax season is upon us again, and this year the deadline is Tuesday, April 15, 2024. I know, I know, it's a daunting task, but let's break it down and make it a little less overwhelming, shall we?
Gather Your Documents
The first step is to gather all the necessary documents you'll need to file your taxes. This includes your Social Security number, income statements (W-2s, 1099s, etc.), and any other relevant documents like medical expenses or charitable donations. If you're organized, you might already have a folder or shoebox full of these, but if not, start digging!
Choose a Filing Method
Now it's time to decide how you're going to file your taxes. You can do it yourself using tax software, hire a tax preparer, or go old-school and fill out paper forms. If you're feeling confident, software like TurboTax or H&R Block can guide you through the process step by step. If you're feeling less confident, a tax preparer can take care of everything for you, but it will cost you a fee.
Itemize or Take the Standard Deduction
One of the big decisions you'll make is whether to itemize your deductions or take the standard deduction. Itemizing means listing all your eligible expenses on Schedule A, like mortgage interest, property taxes, and charitable donations. The standard deduction is a set amount that you can deduct without itemizing. The standard deduction is usually the better choice for most people, but if you have a lot of eligible expenses, itemizing might save you more money.
File on Time
The tax deadline is April 15, and it's important to file on time. If you file late, you may have to pay penalties and interest. If you need more time, you can file for an extension, but you still need to file a return by April 15.
Get Your Refund
If you're expecting a refund, you'll want to file your taxes as soon as possible. The IRS typically starts issuing refunds in mid-February, so the sooner you file, the sooner you'll get your money. You can check the status of your refund online using the IRS's Where's My Refund? tool.
Filing your taxes can be a bit of a hassle, but it's important to do it correctly and on time. By following these steps, you can make the process as painless as possible and minimize your tax bill. So, gather your documents, choose a filing method, and get started on your taxes today!