Tax season is an ever-changing staple in America’s first quarter, but according to experts, tax returns should still be due relatively soon.
All employers had until Jan. 31 to file wage statements and send them to employees, and taxpayers have until April 15 to file their tax returns completely. As you assemble your desk to file taxes, here’s what you need to know and what those different sheets mean.
When is the deadline to file?
The deadline to file your taxes is April 15. By this day, all calendar year filers, which is the most common case, should have filed their taxes by midnight on April 15, local time. If you need more time to file your taxes, you can request an automatic 6-month extension to file.
Where can I file taxes for free?
IRS is trying a new system with the IRS Direct File, allowing taxpayers in 25 states to file for free. IRS Direct File is a free web-based service provided by the IRS. This is the program’s first year, and it has yet to be launched in all states.
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Oklahoma taxpayers cannot file using IRS Direct File this year. Neighboring states such as New Mexico, Texas and Kansas can utilize IRS Direct File only under certain circumstances.
If you want to file for free without using the IRS Direct File, you can use services like Intuit TurboTax, H&R Block or Oklahoma Tax Commission.
When will I get my return?
The IRS estimates that taxpayers who file their tax returns electronically will receive their returns in 21 days. However, if you have amended your return or sent it in by mail, it will take at least four weeks and even longer if you need corrections or extra review.
You can choose how to receive your refund in different ways, including direct deposit, paper check, prepaid debit card or mobile payment apps.
What is a 1099-K?
Some taxpayers may be surprised to receive a 1099-K form, and you shouldn’t ignore it. If you use payment card companies, apps, or online marketplaces for business transactions, you will receive a form for transfers over $5,000.
Before 2025, this form was reserved for those who received over $20,000 and made more than 200 transactions. This came after the American Rescue Plan Act of 2021 (ARPA), which restructured third-party networks and what is necessary for tax filing.