The race to file taxes is off to a roaring start today, with both the Illinois Department of Revenue (IDOR) and the Internal Revenue Service (IRS) opening the gates for the 2024 tax season. Hopeful to beat the April 15 deadline, taxpayers can begin to quickly submit their 2023 returns for processing, as reported by FOX32 Chicago.
This year, IDOR is nudging taxpayers to e-file early for speeding up the refund process, which is expected to take around four weeks for error-free returns. As the season heats up, some good news comes courtesy of IDOR Director David Harris, who mentioned tax credits are set to provide some relief. "Depending on circumstances, taxpayers may be able to reduce the amount of taxes owed through tax credits," Harris told FOX32 Chicago. Illinois residents might see a bit more green in their wallets thanks to existing credits, and the expanded Illinois Earned Income Tax Credit (EITC) that now includes more taxpayers.
Fraud watch is also high on the list, with IDOR and IRS jointly cracking down to prevent fraudulent refunds—last year saving over $104 million. Officials have reminded the public to guard their personal data and remain vigilant against scams, according to information obtained by FOX32 Chicago.
The tax man cometh with a swifter approach this year, thanks largely to the Inflation Reduction Act's $80 billion boost. "As our transformation efforts take hold, taxpayers will continue to see marked improvement in IRS operations in the upcoming filing season," IRS Commissioner Danny Werfel detailed in a statement acquired by NBC Chicago. Major tech upgrades and better customer service are on the menu, with the goal to seriously streamline the process of preparing and filing taxes.
Taxpayers can keep a real-time track on their refund status using the IRS' "Where's my Refund?" tool, updated this year for providing more detailed updates. Though most refunds are expected to be issued in less than 21 days, officials have cautioned taxpayers not to count on a refund by any certain date, especially when it comes to making large purchases or paying the bills, NBC Chicago reports.
