Photo: Getty Images
The Internal Revenue Service (IRS) starts accepting and processing 2024 income tax returns today (January 27). According to the IRS, more than 140 million individual tax returns are expected to be filed by the federal deadline on Tuesday (April 15). The IRS encourages taxpayers to use trusted tax professionals to avoid scams and schemes.
A recent survey by Credit Karma found that nearly 40 percent of taxpayers rely on their tax refunds to make ends meet, with the number rising to 50 percent among millennials. Many cite the rising cost of living as a reason for this reliance. The average refund in 2024 was slightly over $3,100.
The IRS has introduced new tools and features to assist taxpayers, including expanded access to tax account information and enhanced Direct File options. Direct File is now available in 25 states, allowing eligible taxpayers to file their taxes directly with the IRS for free.
For those filing electronically, refunds are typically issued within three weeks, especially if direct deposit is chosen. Paper returns may take six to eight weeks. Taxpayers can track their refund status on the IRS website.
The IRS continues to improve its services, aiming for high levels of customer service and shorter wait times on phone lines. Taxpayers are reminded to file their returns accurately and on time to avoid delays.