As of January 29th, 2024, the Internal Revenue Service (IRS) began accepting and processing 2023 federal tax returns. The filing deadline this year to submit your tax return – or request an extension to file – is April 15th, 2024, for most taxpayers. Here is some important information from the IRS that will be helpful as you gear up to file your taxes.
The IRS launched a free file option for the 2024 tax year for taxpayers who made $79,000 or less in 2023. IRS Free File provides two different options for eligible taxpayers to file their federal tax return online for free:
- Guided Tax Preparation - which guides you through the process of filing your return after answering a few simple questions on an IRS partner site.
- Free File Fillable Forms - which are electronic forms, similar to a paper Form 1040. You will need to know how to prepare your own return if you choose this option.
The Earned Income Tax Credit (EITC) was created by Congress as part of the Tax Reduction Act of 1975 and is a federal tax credit for workers with a low to moderate income. Workers can potentially receive up to $7,430 by claiming the EITC on their 2023 tax return. To qualify, taxpayers must meet certain eligibility requirements:
- Must meet income requirements for 2023
- Have a valid Social Security number by the due date of your 2023 return (including extensions)
- Be a U.S. citizen or resident alien all year
- Have not filed Form 2555, Foreign Earned Income
Information on eligibility and special qualifying rules can be found on the IRS Website.
The Bloomfield Township Public Library offers forms and assistance resources via BTPL Tax Aide.
Finally, the AARP offers free tax assistance and preparation through its Tax-Aide Preparation program.