Q&A: What to know before you file your 2024 tax return

The IRS began accepting tax returns this week.

There are only some minor changes this year compared to last year but that doesn't mean that your individual tax return will be the same. There are a lot of factors that play into whether you get a refund or not.

News On 6 spoke to Cindy McGhee, a CPA to break down what you can expect when you file and if there are any changes this year.

Q: Are there any changes people can expect when they file this year?

A: So the tax laws really haven't changed for 2024 but there's a couple of dates that have changed. Specifically, for individual filers, if you're claiming the earned income tax credit or the child tax credit, your refund will be delayed a little longer this year. They won't release refunds with those credits until March 3 of 2025.

Filing taxes in Oklahoma: Key dates, new brackets, and helpful tips for 2025

Q: What do people need to do to get ready to file?

A: It's early in the season. Some of that data isn't yet available, so don't get too excited to file too early and miss out on filing some important documents. In other words, just be patient. Collect all your data, make sure you're ready to file before you start.

Q: Who is most likely to need help when filing a tax return?

A: I think for individuals, if you just have a W-2, which is fairly straightforward data, you can probably file your return independently. The software is really good at managing those pretty simplified returns. In contrast, if you're a business owner, you get a lot more than a W-2 and a lot more at stake in terms of what you pay in taxes. That's when it makes sense to engage a professional, someone who's being strategic about minimizing your tax burden, not just entering data, but analyzing it and giving you recommendations on the right things to do to minimize your taxes.

Q: What documents do individuals need besides a W-2 or 10-99? Do side gigs need to be reported?

A: Anything that's reported against your social that reflects income or payments made to you. The law changed a few years ago about payments you received through Cash App or PayPal, Venmo, you need to make sure your documentation includes every source of income that you may have received. For those people that are doing just kind of small jobs, like maybe some yard work, or even something on Etsy where you're providing a design for someone that's considered earned income and that's required to be reported on your income taxes.

Q: When should I file for an extension?

A: So the extension just gives you six more months to do your filing, and if you know you're not going to get your data in time to meet that March 15 deadline for businesses, or the April 15 deadline for personal returns, it makes sense to go ahead and file for an extension early.

Q: What life events can impact your tax return?

A: So that includes getting married, having a child, even adding a second child. It's not always the same, depending on the number of children and the income level. What deductions you have access to, even a child getting older, like a pre-teen or college age? So there's a whole host of new deductions that come online once that child turns 16, another list of deductions once they go off to post-secondary education. So when you see those pivotal changes in your family, it creates a change in your tax position.

Free File through the IRS:

https://www.irs.gov/filing/irs-free-file-do-your-taxes-for-free

Free Tax Services in Tulsa:

https://www.cityoftulsa.org/fec

From the IRS:

Free tax filing options

The IRS offers free online and in-person tax preparation options for eligible taxpayers through IRS Free File, IRS Direct File and Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs.

IRS Free File. Taxpayers with income of $84,000 or less last year can use IRS Free File Guided Tax Software now through Oct. 15. IRS Free File Fillable forms, a part of this program, is available at no cost to any income level and provides electronic forms that people fill out and e-file themselves, also at no cost.

Direct File. Now open in 25 participating states, taxpayers can use Direct File to file online directly with the IRS for free. It is a free web-based service – available in English and Spanish – that works on mobile phones, laptops, tablets or desktop computers. It guides taxpayers through a series of questions to prepare their federal tax return step-by-step. Direct File automatically guides taxpayers to state tools to complete their state taxes. Get help from IRS customer service representatives through a live chat feature in English and Spanish. Interested taxpayers can go to directfile.irs.gov, where they can determine if they are eligible.

Volunteer Income Tax Assistance (VITA). The VITA program offers free tax help to people who generally make $67,000 or less, persons with disabilities and taxpayers whose preferred language is not English. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals.

In addition to VITA, the Tax Counseling for the Elderly (TCE) program offers free tax help for all taxpayers, particularly those who are 60 and older, specializing in questions about pensions and retirement-related issues unique to seniors.

MilTax. This is a Department of Defense program available to members of the military and some veterans with no income limit. MilTax generally offers free return preparation and electronic filing software for federal income tax returns and up to three state income tax returns.

Most refunds issued in less than 21 days: EITC refunds for many available by March 3.

The easiest way to check a refund's status is by using “Where's My Refund?” on IRS.gov or the IRS2Go app.

Many factors can affect refund timing after the IRS receives a tax return. Although the IRS issues most refunds in less than 21 days, the IRS cautions taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills. Some returns may require additional review and may take longer.

Under the federal Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before mid-February. “Where's My Refund?” should show an updated status by February 22 for most early EITC/ACTC filers. The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by March 3 if they chose direct deposit and there are no other issues with their tax return.

Report taxable income; don’t file before receiving key documents.

People should report all taxable income on their tax return and wait to file until they receive all of their income and informational documents. Taxpayers may receive various income and information statements such as Forms 1099 from banks or other payers, unemployment compensation, dividends, pensions, annuities or retirement plan distributions. Taxpayers receiving Forms 1099-K, for payments on sale of goods and services through an online marketplace or payment app, can visit What to do with Form 1099-K to help them figure and report the correct amount of income on their tax return.

Choose a trusted tax professional

More than half of taxpayers turn to a tax professional for help filing a tax return. While most tax preparers deliver exceptional and professional service, selecting the wrong preparer can lead to financial harm.

Taxpayers should review the tips for choosing a tax preparer and learn how to avoid unethical “ghost” return preparers who don’t sign or include a valid preparer tax identification number (PTIN) on every tax return they prepare. Taxpayers can also use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications to find trusted professionals. The IRS also reminds taxpayers that choosing someone affiliated with a recognized national tax association is always a good option. Tax professionals accepted into the IRS electronic filing program are authorized IRS e-file providers, qualified to prepare, transmit and process electronically filed tax returns.

Be aware of tax scams

Be aware of scammers, who can become more active during tax season. They will attempt to mislead people about tax refunds, credits and payments. They pressure people for personal, financial, employment information or money.

Watch out for

A big payday. If it sounds too good to be true, it probably is. Bad tax advice on social media may convince people to lie on tax forms or mislead them about credits they can claim.

Demands or threats. Impersonators want people to pay “now or else.” They threaten arrest or deportation. They don’t let people question or appeal the amount of tax they owe.

Odd or misspelled website links. Odd or misspelled web links can take people to harmful sites instead of IRS.gov.

Tax-related identity theft occurs when someone uses stolen personal information, including Social Security numbers, to file a tax return claiming a fraudulent refund. If a person suspects they are a victim of identity theft, they should continue to pay their taxes and file their tax return, even if they must file a paper return. Visit Identity Theft Central to find out more.

Know the signs of identity theft

Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone and email to set up individuals, businesses, payroll and tax professionals. Check out the latest consumer alerts and read more about the most recent tax related scams identified by the IRS.