The annual period designated as "Tax Season" in the United States is a fiscal obligation during which taxpayers must prepare and submit their income tax returns for the previous fiscal year. Typically, this season begins in mid-January and extends until mid-April, although precise dates may vary depending on the fiscal year and any extensions granted by the Internal Revenue Service (IRS). This year, the deadline for submission is April 15, 2024.
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During this period, taxpayers face various responsibilities and processes, among which the following stand out:
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• Tax Returns: Taxpayers are tasked with gathering relevant financial documents, such as W-2 forms (pertaining to employment income) and 1099s (detailing investment income and other sources), as well as receipts for deductible expenses and records of charitable donations. Based on this information, they complete the appropriate tax forms, such as Form 1040, to calculate the amount of taxes owed or the refund to which they are entitled.
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• Forms: During the tax filing process, taxpayers use a variety of tax forms to report income, deductions, tax credits, and other pertinent information. These include Form 1040 as the primary form, Form 8843, along with Schedule Forms to detail different types of income, deductions, and specific tax credits.
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During "Tax Season," taxpayers are encouraged to submit their tax returns as early as possible to avoid potential delays and penalties. Those needing more time for preparation may request an extension, typically extending the submission deadline until mid-October. However, it is important to note that this extension does not postpone the deadline for payment of any taxes owed, which must be estimated and paid by the original due date in mid-April.