Indianapolis, Indiana – Tax season has begun, with the Internal Revenue Service (IRS) now officially accepting and processing federal individual tax returns. As this crucial period gets underway, experts are emphasizing the importance of filing taxes early.
Indiana University Accounting professor, Greg Geisler, outlines several compelling reasons to file taxes as soon as possible. “There’s a lot of excellent reasons to file as early as possible,” he says. One key advantage he highlights is the financial planning opportunity it provides: “Even if you do file early, you don’t have to pay the tax until April 15th. Now don’t forget to pay the tax by April 15, but you’ll know exactly how much you owe if you file early, and if that’ll give you time to come up with the cash.”
Geisler also encourages taxpayers to seek assistance from the IRS when filing their returns. He notes a positive change: “Fortunately the IRS got more funding from Congress and President Biden,” explaining that this has improved the agency’s ability to respond to inquiries. “They will now answer the phone at a much better rate.”
Stacey Engle, an IRS Spokeswoman, highlights the enhanced user-friendliness of the IRS website. Engle points out the availability of an “interactive tax law assistant” on irs.gov, which features various questionnaires to help determine the correct filing status.
Before deciding to file taxes independently, Geisler advises consulting with a professional C.P.A. He strongly recommends using a tax return professional, especially for those who can afford it. For individuals with an income of $60,000 or less who may not have the funds for professional services, he suggests visiting a Volunteer Income Tax Assistance site.
The IRS anticipates over 146 million individual tax returns for the year 2023 to be filed this season, with the deadline set for April 15, 2024. This year, taxpayers have access to improved resources and support, making it easier to navigate the complexities of tax filing and ensure compliance by the mid-April deadline.