Peoria Standard

The Illinois Department of Revenue and the Internal Revenue Service (IRS) have officially begun accepting tax returns for the 2023 tax season. Taxpayers in Illinois can now submit their state individual income tax returns starting today, January 29th. This coincides with the IRS's acceptance of federal income tax returns.

To make the filing process more convenient, the Illinois Department of Revenue has enhanced their online account management program, MyTax Illinois. Taxpayers can now file their returns using this free platform, with or without an account. MyTax Illinois also offers additional services such as making payments, responding to department inquiries, and tracking refund status.

It is highly recommended that taxpayers file their returns electronically and opt for direct deposit to ensure the fastest processing and issuance of refunds. For those who file error-free returns, the Illinois state tax refund can be expected within approximately four weeks. However, it is important to note that even with the automatic six-month extension to file the IL-1040 form, taxpayers must still pay any money owed by April 15, 2024, to avoid penalties and interest.

The IRS is anticipating a significant number of tax returns to be filed this year, with more than 128 million individual tax returns expected to be submitted by the April 15, 2024, deadline. This announcement comes as the IRS is undergoing major improvements, investing billions of dollars to enhance its technology and customer service processes through the Inflation Reduction Act.

Taxpayers who wish to file their federal returns for free can utilize the Free File website. Starting today, Free File Fillable forms are available at no cost to individuals of any income level. These electronic forms can be filled out and e-filed by taxpayers themselves.

While most IRS refunds are issued in less than 21 days, it is important to note that certain returns may require additional review, which can extend the processing time. Taxpayers can check the status of their refunds by using the 'Where's My Refund' tool or the IRS2Go app.

The IRS has implemented several changes for the 2024 tax filing year. These include expanded in-person service through the opening or reopening of Taxpayer Assistance Centers, an improved customer call back feature to reduce phone wait times, enhancements to the 'Where's My Refund?' tool, streamlined paperless processing, enhanced IRS online accounts with chat help and the ability to store bank accounts for payments, and the introduction of the Direct File pilot program. The Direct File pilot program will allow certain taxpayers the option to file their returns directly with the IRS for free, and it is expected to be available in mid-March.

As tax season begins, taxpayers are encouraged to file their returns promptly and take advantage of the various online tools and resources offered by the Illinois Department of Revenue and the IRS. Filing electronically and opting for direct deposit can expedite the refund process, ensuring a smoother experience for taxpayers.