Peoria Standard

As the April 15 filing deadline approaches for Illinois taxpayers, emphasis is placed on leveraging available resources to simplify the tax filing process for 2024. This year, Illinois participates in the IRS Direct File Program, offering eligible taxpayers the opportunity to complete their federal returns electronically without charge. The Illinois Department of Revenue also provides several online tools to facilitate tax preparation, along with the option to request filing extensions.

Numerous taxpayers opt for fee-based services, yet millions could qualify to file for free using resources like VITA (Volunteer Income Tax Preparation) and TCE (Tax Counseling for the Elderly), offered by the Internal Revenue Service (IRS). "People who do not reach a certain income threshold do not have to file a tax return," the IRS reminds, yet doing so could result in a refund. The IRS continues to guide taxpayers with additional resource links.

Taxpayers are reminded of the five filing statuses: single, head of household, married filing jointly, married filing separately, and qualifying surviving spouse. Additionally, various tax credits and potential deductions may reduce tax obligations. "Individuals who are self-employed must file a tax return if they had net earnings of $400 or more," as mandated.

Options for filing include traditional mail, though the majority file electronically, leading to quicker processing. The standard federal refund timeline is 21 days, although electronic filing with direct deposit ensures faster returns, while paper submissions may take longer (four to six weeks).

The AARP website offers a list titled "10 Things You Need to Know Before Filing Your Tax Return," aimed at seniors to aid with deductions and protect against fraud. Real-time federal tax return statuses are available via the IRS2Go app, with Illinois state return statuses accessible online.