INDIANAPOLIS—Tax season is officially underway as the Internal Revenue Service officially began accepting and processing federal individual tax returns.
Experts say it’s smart to file taxes as early as possible.
“There’s a lot of excellent reasons to file as early as possible,” explained Indiana University Accounting professor, Greg Geisler.
“What people don't realize is 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 encourages taxpayers to use the IRS for help as they file their returns.
“Fortunatley the IRS got more funding from the congress and President Biden,” explained Geisler.
“They will now answer the phone at a much better rate.”
IRS Spokeswoman Stacey Engle shares that the agency’s website have become more user friendly.
“For those people that are a little bit nervous, the irs.gov has an interactive tax law assistant,” explained Engle.
“It has lots of different questionnaires to determine the filing status you are supposed to use.”
Before deciding to file your taxes on your own, Geisler explains that taxpayers should use a professional C.P.A first.
“I highly recommend paying for a tax return professional to prepare,” Geisler stated.
“If you don’t have the funds available to do that, and your income is $60,000 or less, visit Volunteer income tax assistance and find a site and go there sooner instead of later,” he said.
According to a press release, The IRS expects more than 146 million individual tax returns for 2023 to be filed this filing season, which has a deadline of April 15, 2024.