If you're getting ready to file your 2024 taxes, having some helpful tips can make the process smoother.

Tax season is around the corner and taxpayers can submit their returns starting Jan. 27. Most people must file their returns by April 15 this year, but those affected by the California wildfires will have until Oct. 15 to submit them.

You're probably already keeping track of a long list of things, like deductions and credits. Here are a few more things to remember as you prepare to file.

You May Be Eligible File Your Taxes Online Directly With The IRS

Last year, the IRS rolled out a Direct File pilot program, enabling select taxpayers in 12 states to file their taxes directly with the IRS. Starting in 2025, Direct File was expanded to residents of 25 states.

Unlike the free file program—which is a public-private partnership between the IRS and eight companies—the Direct File program allows eligible taxpayers to electronically file their taxes directly with the IRS.

The Direct File program, however, only supports taxpayers with simpler returns. For example, if you earn income through gig work or itemize your deductions, you won’t be eligible to use it.

It covers taxpayers who take the standard deduction and have W-2 wage income, 1099-INT interest income, SSA-1099 Social Security income, and more. It also covers those who receive the child tax credit and premium tax credit.

If you lived or worked in any of the 25 states listed on the IRS website in 2024, you may be eligible to use it if you meet the income requirements.

For Those Who Get Paid Via Venmo Or Other Payment Platforms, the IRS May Want To Know

Whether you sold pottery on Etsy or collected rental payments from your tenants on Venmo last year, you may have to report that money to the IRS.

Taxpayers who received $5,000 or more in payments for goods or services via payment apps, online marketplaces, payment cards, or other platforms in 2024 will be required to report that income to the IRS.

This may include freelancers, self-employed people, or even those selling personal items. It may also apply if you're a landlord and receive rent over these platforms.

Taxpayers who are affected should be sent Form 1099-K by Jan. 31. But even if you don't receive the form, you're still required to report that income on your tax return.

You will not need to report personal payments from family and friends, such as reimbursements for personal expenses. However, Chase Insogna, a CPA and founder of Insogna CPA, said people who receive such payments from others that exceed the total IRS threshold might still receive a 1099-K—even if they aren't required to report that money.

“Where it gets a little tricky is, if people are sending you money, like friends, ” said Insogna. “What are you supposed to do with it [the form]? That's what we don't know yet from a CPA perspective.”

For now, the IRS advises taxpayers in that situation to contact the issuer and request a corrected version displaying a zero amount. They also recommend holding on to the incorrect form and keeping any correspondence you have with the issuer.

Before Tax Day, You Can Contribute To Your IRA or HSA To Score A Possible Tax Deduction

You’ll have until tax day to contribute to your individual retirement (IRA)—traditional or Roth—or HSA for 2024.

“If you haven’t contributed to an IRA and have the cash flow to do it, we always certainly recommend doing that,” said Insogna.

For 2024, the contribution limit for traditional and Roth IRAs is $7,000, while those above the age of 50 can make catch-up contributions of $1,000.

Plus, you may be able to deduct your traditional IRA contribution from your income, depending on your income and if a retirement plan at work covers you. For example, you’re eligible to deduct the full contribution from your income if a workplace retirement plan covers you and you make less than $77,000 as a single-filer.

Although you can’t deduct Roth contributions from your income, you can still benefit by investing, as you won’t have to pay taxes on investment gains when you take distributions in retirement.

Stephen Lovell, a CFP and founder of Lovell Wealth Management, is also a fan of health savings accounts (HSAs) because of their tax benefits and notes their growing popularity.

“You get a [tax] deduction going in. And if you pay qualified medical bills with money from that account, that also means you're paying with money that’s not been taxed,” said Lovell. 

For the 2024 tax year, the HSA contribution limit is $4,150 for individuals enrolled in a high-deductible health plan (HDHP) and $8,300 for those with a family HDHP.