Time is running out to file your state and federal income tax returns. The filing deadline for Illinois taxpayers is Tuesday, April 15. Illinois is participating in the IRS Direct File Program this year, which means eligible taxpayers can complete their 2024 federal returns electronically for free. The Illinois Department of Revenue features several online programs to aid in tax preparation. Filing extensions can also be requested.
While millions of taxpayers use fee-based services to assist with filing their state and federal tax returns, there are millions of people who are eligible to utilize services to file their returns for free. These services can have income and age restrictions; and they include VITA (Volunteer Income Tax Preparation) and TCE (Tax Counseling for the Elderly), which are provided by the Internal Revenue Service (IRS). The IRS also provides links to other resources.
There are five filing statuses for income taxes, including single, head of household, married filing jointly, married filing separately, and qualifying surviving spouse. People who do not reach a certain income threshold do not have to file a tax return, but in some cases, they would be encouraged to because they may still receive money back. Individuals who are self-employed must file a tax return if they had net earnings of $400 or more. Illinois taxpayers can find more filing options here.
Taxpayers can claim a number of different tax credits, and those can be claimed when filing returns to lower the amount of tax they pay. There are also standard and itemized deductions that taxpayers can qualify for to help lower tax payments.
Taxes can be filed the old-fashioned way through snail mail, but most returns are filed electronically. For those expecting a refund, there is a standard turnaround time of 21 days for federal returns, though that time can be shorter or longer depending on many factors. Those who file electronically and have the funds directly deposited into a bank account will see their return the fastest, while paper returns will take longer to process (four to six weeks).
As a quick resource, the AARP website at aarp.org provides a list of “10 Things You Need to Know Before Filing Your Tax Return,” an especially helpful tool for seniors and to also avoid fraud. These helpful tips can help with deductions, special tax forms for seniors, and more free tax preparation services.
Federal tax return status information can be accessed on the IRS2Go app, while Illinois state income tax return status information can be found here.