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Taxes 2024 Cheat Sheet: Your Guide to Filing Your Tax Return

January 8, 2024
in Technology
Taxes 2024 Cheat Sheet: Your Guide to Filing Your Tax Return
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Tax season hasn’t kicked off yet, but you can still begin gathering all the paperwork you’ll need to prepare your return. The IRS hasn’t announced a start date for filing your taxes, but it usually falls in late January.

CNET Tax Tips logo

You likely already know that completing your taxes isn’t easy, especially when you aren’t a tax professional or up to date with the latest tax laws. The rules vary from year to year and from person to person, depending on your filing status, age, income and other factors. 

As you navigate the 2024 tax season, let our cheat sheet be your guide. The resources below provide expert advice on tricky tax topics and can help you start your return. 

So don’t fret — we did the heavy lifting so you can file with confidence, get the biggest tax refund possible and get back to enjoying your life.

How to get started with your taxes

As with most tasks, the hardest part of doing your taxes is starting. You’ve got to gather all your necessary forms (and track down any that are missing), pick a service or software to use, and then spend hours completing your return.

No wonder almost a third of Americans wait until the last minute to file, according to a survey from financial services company IPX1031. But there are good reasons to file as early as possible.

Here’s some info to help you jumpstart your tax return:

What Are the Tax Deadlines for the 2024 Tax Season?How to Create an Online IRS Account and Why You Should7 Good Reasons to File Your Tax Return EarlyHow to File Your Taxes With a Phone or TabletAll the Ways You Can File Taxes for FreeThe Best Tax Software for 2023

Form, forms and more tax forms

There are a lot of tax documents: There’s the W-2 your company sends you, assorted 1099 forms for other income, a 1098 form for mortgage interest and many others.

In all, the IRS provides 2,854 different tax forms on its website. Learn about the ones you need in 2024, and what to do if you are missing any.

What Is a W-2 Form and What to Do If You Haven’t Received YoursAll the Different 1099 Tax Forms ExplainedVenmo and Cash App Income: Will You Get a 1099-K?How to Scan Important Tax Documents With Your Phone

Review your tax credits and tax deductions

Once you’ve started your return for tax year 2023, make sure you get every penny owed to you. One way to maximize your tax refund is to check all of the potential tax credits and deductions that could lower your tax bill.

Learn the basics of itemizing deductions (or taking the standard deduction), and review all the ways that you can pay less or get a bigger refund.

How to Choose Between the Standard Deduction and Itemized DeductionsBiggest Tax Credits Boost Your Tax Refund Even if You Don’t ItemizeWhat Is the Child Tax Credit and Who Qualifies for It?All the Possible Tax Credits and Deductions for HomeownersGreen Tax Breaks Give Money Back for Energy Efficiency

All about tax refunds

After you’ve finished your 2023 tax return and sent it to the IRS, the waiting begins. Fortunately, the IRS makes it easy to track your return and refund. 

Learn more about how to track your tax refund if it’s directly deposited or mailed as a paper check, as well as other tips for getting your money quickly and securely.

Where’s My Tax Refund? How to Track Your IRS MoneyHow to Track Your Tax Refund Check in the US MailGet Your Tax Refund Faster With Direct DepositHow to Get Your Tax Refund Two Days EarlyHow to Protect Your Tax Refund From Identity Theft

Answers to specific tax questions in 2024

Everyone’s financial situation is unique, but there are a number of common quandaries that flummox even the most diligent taxpayers.

Here are a few of the more common tax questions for 2024:

Do I Have to Pay Taxes on My State Stimulus Check?Do Social Security Recipients Need to File a Tax Return?Do SSI Recipients Need to File Taxes?Do SSDI Beneficiaries Need to File a Tax Return?Can You Claim a Boyfriend or Girlfriend as a Dependent?Which Divorced Parent Gets to Claim the Child Tax Credit?
If Student Debt Relief Goes Through, Will You Owe More in Taxes?

How to get help on your taxes

If you can’t find the tax answers you need on your own, don’t despair. There are free resources that can help get your tax return finished and filed. 

How to Get Free Help on Your TaxesGot Tax Questions? Do This Before Calling the IRSCNET Tax Tips

Good luck on filing your return. Be sure to check back as we update this list often with more tax explainers and tips for 2024.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : CNET – https://www.cnet.com/personal-finance/taxes/taxes-2024-cheat-sheet-your-guide-to-filing-your-tax-return/#ftag=CAD590a51e

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