Tax season is always a stressful time of year, but knowing when and how to file your taxes can make the process much smoother. The IRS has announced its deadlines for filing taxes in 2023, along with some important changes that taxpayers should know about.
Here are the key dates you need to keep in mind for filing your taxes in 2023:
- January 1st: The IRS will begin accepting electronic tax returns.
- April 15th: This is the deadline for filing your federal income tax return (unless you live in Maine or Massachusetts, where it’s April 17th). It’s also the deadline for requesting an extension on your tax return.
- June 15th: If you’re a U.S. citizen or resident living abroad, this is the deadline for filing your federal income tax return.
- October 15th: If you requested an extension on your tax return, this is the deadline for submitting it.
Changes to Tax Laws
The IRS has made several changes to tax laws that will affect taxpayers in 2023:
Standard Deduction Increases
The standard deduction will increase slightly from $12,950 for single filers and $25,900 for married couples filing jointly. This could result in reduced tax liability and save taxpayers money.
No Personal Exemptions
Personal exemptions have been eliminated starting from January’23 onwards which means there will be no reduction of taxable income based on personal and dependency exemptions.
Contribution Limits Increase
401(k) contribution limits have increased by $5000 over last year i.e now employees can contribute up-to $21k towards their retirement plan as elective deferrals including catch-up contributions if they are older than age of fifty.
Tips before Filing Taxes
Here are some tips that can help prepare you for filing your taxes:
- Collect all necessary documents, including W-2s and 1099s.
- Decide whether to hire a tax professional or file on your own.
- Determine if you are eligible for any deductions or credits that can reduce your taxable income.
Following these tips will help streamline the tax filing process and ensure that everything is done correctly.
In conclusion, understanding the deadlines and changes to tax laws for 2023 is crucial for taxpayers. By being prepared and informed, individuals can make the most out of their tax filings while reducing stress associated with the season.
Q: When is the tax filing deadline for 2023?
A: The tax filing deadline for individuals in the United States for the year 2023 will be April 17, which is a few days later than usual due to a holiday falling on April 15.
Q: Will there be any changes to tax policies or forms in 2023 that I need to be aware of when filing my taxes?
A: It’s common for tax laws and regulations to undergo changes each year, so it’s best to stay informed by regularly checking with your trusted sources such as IRS.gov, seeking out advice from qualified professionals such as accountants or certified financial planners.
Q: Is there anything I can do throughout the year leading up to my tax deadline that may help me save money on my taxes?
A: Yes! Examples include making early contributions into retirement accounts before December 31st of each calendar year (such as traditional or Roth IRAs), researching permissible deductions you’re eligible for(e.g., business expenses if you’re self-employed) , minimizing capital gains by selling losing investments among others).