Tax Tips from the Illinois CPA Society

Tax season officially starts Jan. 29, 2024, when the IRS begins accepting and processing tax returns for the 2023 tax year. With the IRS anticipating receiving nearly 129 million individual tax returns by the April 15, 2024, deadline this season, getting an early start on prepping yours may be best.

The Illinois CPA Society offers these tips for speeding up the filing process:

1. Gather all your information first. Before starting your tax return, gather and organize all the information you’ll need. This includes all applicable 2023 tax records and forms, along with Social Security numbers, Individual Taxpayer Identification Numbers, and Adoption Taxpayer Identification Numbers, if applicable. Previously confirmed victims of tax-related identity theft, and taxpayers who’ve proactively requested one, should also have their current IRS-issued Identity Protection Personal Identification Numbers. For certain taxpayers, this could mean waiting to file until mid-February or even March to ensure all income and tax-related documents have been received—especially the various 1099 forms from banks and other entities reporting unemployment compensation; dividends; pension, annuity, or retirement plan distributions; investment income; and other earned income.
2. File electronically and use direct deposit. These are two important steps you can take to help ensure your tax return and refund (or payment) are processed without delays. In fact, the IRS encourages taxpayers to avoid filing paper returns whenever possible, noting that filing electronically is the fastest, easiest, and securest way to complete a tax return.

For most taxpayers, the deadline to file their personal federal tax return, pay any tax owed, or request an extension to file is April 15, 2024. If a taxpayer lives in a federally declared disaster area, they also can get extra time to file. Taxpayers requesting an extension will have until Oct. 15, 2024, to file. However, if taxes are owed, it’s still a taxpayer’s obligation to pay those taxes by April 15, 2024.

Overall, the IRS generally estimates most taxpayers who are due refunds will receive them within 21 business days if they file electronically, choose direct deposit, and there are no issues with their tax returns. The IRS says improvements to the online “Where’s My Refund” tool will allow taxpayers to see more detailed and clearer refund status updates this filing season.

Filing your federal and state tax returns is always a hectic process. CPAs, certified public accountants, have your back. CPAs are strategically positioned to help file your tax returns while determining the best ways to maximize your tax credits and deductions. The Illinois CPA Society’s free “Find a CPA” directory can help you find the trusted, strategic advisor that’s right for you based on location, types of services needed, and languages spoken. Illinois residents and businesses can find a CPA at www.icpas.org/findacpa.