by Jeff Rossen – Chief National Consumer Correspondent
It’s official – the IRS will start accepting our returns on Jan. 29. The IRS Free File program will be available starting Jan. 12.
This is that free online tax prep and filing program that you can use if your Adjusted Gross Income is $73,000 or less. (That’s for individual and joint filers.) The sooner you file, the better. The IRS says, if you file electronically, you can expect your refund within 21 days this year. If you mail your return, it could take four weeks, possibly even longer to process. You should also start getting your tax forms that you need to file by the end of the month as well, whether that’s online or in the mail.
Inflation could help you get more money this year. Every year, the IRS adjusts the tax brackets using your income and inflation. They were adjusted up by 7% for 2023, so if your taxable income stayed relatively the same, you could end up in a lower tax bracket with a lower tax rate. If you’re a W2 employee, you probably already saw the increased adjustment in your paycheck. You might even see the difference in your tax refund. For 2024, each bracket will see a roughly 5.4% shift upward from 2023.
There is a website you should visit now, even if you’re not filing at this moment. It’s the “Get ready to file your taxes” page on IRS.gov. This will help you access your IRS account, get your tax records together, give you information on things like the new tax deductions, etc.
