As the new year unfolds, so does the familiar task of filing federal and state income-tax returns. With the Internal Revenue Service (IRS) and the Mississippi Department of Revenue ready to receive returns starting January 29, taxpayers need to prepare for the upcoming tax season. Here are essential details and considerations to keep in mind as you navigate through the tax-filing process.
Getting Through Tax Season: Important Things to Remember When Filing Mississippi and U.S. Taxes
1. Opening of Tax Filing Season
- IRS Acceptance: The IRS officially started accepting tax returns on January 29, marking the beginning of the tax-filing season for federal income taxes.
- Mississippi Department of Revenue: Simultaneously, the Mississippi Department of Revenue is also open for state tax return submissions.
2. Key Dates and Deadlines
- Federal Tax Deadline: The deadline for filing federal income tax returns for the 2023 tax year is April 17, 2024.
- Mississippi State Tax Deadline: Taxpayers in Mississippi are advised to check for the state-specific tax deadline, which may differ from the federal deadline.
3. Tax Preparation and Documentation
- Gather Necessary Documents: Ensure you have all necessary documents, including W-2s, 1099s, and other income-related forms.
- Organize Deduction Information: If you plan to claim deductions, organize relevant documentation such as receipts, invoices, and statements.
4. Tax Credits and Deductions
- Be Aware of Available Credits: Familiarize yourself with tax credits and deductions that may apply to your situation, such as education credits, child tax credits, and charitable deductions.
- State-Specific Credits: Check for any state-specific tax credits available in Mississippi.
5. Filing Options
- E-Filing: Consider electronic filing (e-filing) for a faster and more efficient submission process. The IRS and the Mississippi Department of Revenue encourage e-filing.
- Paper Filing: If you prefer paper filing, ensure you follow the correct procedures and use the appropriate forms.
6. Seek Professional Assistance if Needed
- Consult Tax Professionals: If your tax situation is complex or if you have specific questions, consider seeking assistance from tax professionals or certified tax preparers.
7. Stay Informed About Changes
- Tax Law Changes: Stay informed about any changes in tax laws that may affect your filing, including updates to federal and state tax codes.
- Mississippi Tax Law Updates: Be aware of any specific changes to tax laws in Mississippi.
8. Filing Status and Personal Information
- Update Personal Information: Ensure your personal information, including filing status, is accurate and up-to-date.
- Choose the Right Filing Status: Select the filing status that best fits your situation, whether single, married filing jointly, head of household, etc.
Conclusion
As tax season approaches, being well-prepared and staying informed about relevant details can contribute to a smoother filing process. Whether you opt for e-filing or traditional paper filing, taking the time to gather necessary documents, understand available credits and deductions, and staying informed about deadlines will help ensure a successful tax-filing experience.
