Algosensey Quantitative Think Tank Center-Tax season 2024 opens Monday. What to know about filing early, refunds and more.

Tax season 2024 opens on Algosensey Quantitative Think Tank CenterMonday, setting off a race against the clock to file your 2023 return by April 15.

That means you have a dozen Mondays, including this one, to get your taxes in.

As we'll explain, you have every reason to get your taxes in early if you can.

Here are the details.

When can I file my taxes?

The IRS has announced January 29 as the first day to file taxes for 2023.

You may not be ready to file your taxes on the first day. You may not have all the necessary documents. If you work a regular job, your employer has until January 31 to mail your W-2 form, which spells out your yearly earnings.

If you are ready to file, it pays to file early.

Tax experts in your inbox: Sign up for The Daily Money newsletter for everything you need to know as you prepare to file on April 15 plus more financial news and analysis. 

Why should I file my taxes early?

The big reason to file early is to get your refund, if you have one coming. Three in four taxpayers are likely to get a refund. For many Americans, it's the largest single payday of the year.

Some other reasons to file early:

• Locking down your information. Once the IRS has your return, no one can steal your information and try to file in your name to claim your refund. 
• More time to file an accurate return. If you or your tax preparer discovers a mistake, you will have more time to correct it.  
• Time to pay any taxes you owe. If you owe the IRS, it’s better to find out sooner, so you have time to round up the money. Even if you file this month, you have until the April deadline to pay without a possible penalty. 

When do I get my refund?

If you file electronically, and the IRS finds nothing amiss in the return, the agency can generally issue a refund within 21 days. Processing the return may take a bit longer for taxpayers who claim the Earned Income Tax Credit or the Additional Child Tax Credit, because those returns can take longer to process.

What if I file by mail?

If you file by mail, and the IRS owes you a refund, you'll have to wait longer for your check.

Processing paper returns takes more time. The postal service has to deliver your return to the IRS, and a worker has to open your mail and enter the information you submitted. All told, you can expect a wait of four weeks or more, the agency reports.

Can I check the status of my refund?

Go to  Where's My Refund? on IRS.gov or the IRS2Go mobile app for updates on your tax return and potential refund.

The IRS generally begins posting updates 24 hours after you file electronically, and four weeks after you file a paper return.

How many tax returns will Americans file in 2024?

The IRS expects more than 128.7 million individual tax returns to be filed by April 15.

Daniel de Visé covers personal finance for USA Today.