2024 Tax Season Refunds and IRS Rules with Jini Thornton

Source: R1 Digital / other

It’s that season!

With over 35 million tax returns filed and over $67 billion in tax refunds paid out already, money expert Jini Thornton is helping us get fully prepared for tax season.

Here is what you need to know:

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Refund Waiting Time

Federal refund checks from the IRS (for 2024) will take roughly 21 days, provided you file electronically (recommeded). State refund time frames may vary, but should still be around three weeks.

*Note: Many companies do advertise free refund advances. While some companies offer advances with zero additional fees (may have to use your credit score to qualify), others offer products and programs with extremely high costs and interest rates. If you are skeptical, be sure to ask questions or opt to wait the three weeks for you deposit.

New Tax Rule — Business Owners Beware

The IRS introduced a new tax law regarding third-party payment platforms (such as Venmo, Zelle, etc.) for entrepreneurs. If you used one of these processors to receive more than 200 transactions or over $20K, you will received a 1099-K form, ensuring that all payments are reported. The IRS will soon be dropping the $20K income requirement to $600 dollars.

What To Do If You Owe

Do not avoid paying! It will not go away. In less than 10 minutes, a payment plan—given you owe less than $50K—can be set up with an automatic five-years allotted for repayment. Visit IRS.gov. to apply for arrangements.

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2024 Tax Season Refunds and IRS Rules with Jini Thornton was originally published on getuperica.com