Filing taxes can be a daunting task, but it doesn’t have to be. If you’re wondering when you’ll be able to file your tax return in 2023, read on for all the information you need. This guide will provide you with key dates, practical tips, and common mistakes to avoid.
Understanding the Key Dates
There are several key dates that taxpayers should be aware of when it comes to filing their tax returns. Below is a breakdown of these important dates:
January 15th
This date marks the deadline for making your final quarterly estimated tax payment for 2022. This is an important date because if you don’t make this payment or underpay, it could result in penalties and interest charges. For example, if you’re a freelancer and you’ve earned a significant income in the last quarter of 2022, you’ll need to make sure you’ve paid enough in estimated taxes to avoid penalties.
January 24th
The IRS begins processing individual income tax returns on this day. However, many taxpayers receive their W-2 forms from employers before this date and some may even receive them as early as mid-January, which allows them to start preparing their returns earlier. For instance, if you’re an employee, you can start gathering your tax documents as soon as you receive your W-2.
February 12th
The IRS begins accepting electronic and paper tax returns on February 12th, after updating its systems with programming changes following last December’s Tax Cuts and Jobs Act legislation. The agency has noted that they expect most refunds issued within three weeks although there are exceptions. This means that if you file your return on this day, you can expect to receive your refund by early March, assuming there are no issues with your return.
April 18th
April 18 is the traditional deadline day (apart from extensions) for filing individual income tax returns with taxes due on any amounts owed. For more complicated filings such as estate or trust filings, businesses etc, it might require other types of forms which will also have specific deadlines. For example, if you’re a small business owner, you’ll need to file your Schedule C to report your business income and expenses by this date.
Tips for Filing Your Taxes Early
While these key dates provide some guidance around when you can file your taxes, it’s important to note that they may be subject to change, and errors in your tax return could cause delays. Here are some tips for filing your taxes early:
- Gather all necessary documents: This includes W-2s and 1099 forms, as well as receipts for any deductible expenses. The sooner you start gathering these documents, the less stressful the filing process will be.
- Double-check your calculations: Mistakes can lead to processing delays or even an audit. Consider using tax software or hiring a professional to ensure accuracy.
- File electronically: Electronic filing is faster, more accurate, and easier than paper-filed returns. Plus, you’ll receive your refund faster if you choose direct deposit.
- Review deductions: Deductions can significantly reduce your tax liability. Make sure you’re taking advantage of all the deductions you’re eligible for, such as the home office deduction if you work from home.
Conclusion
Filing taxes might seem like a daunting task but planning ahead helps greatly. Early preparation, e-filing, careful calculation, and review by a reputable professional will help minimize stress and maximize your refund where applicable! Start gathering those documents now so when the opening date comes, you’ll have everything you need!
FAQs
Q: When can I file my federal tax return for 2023? A: The IRS has announced that the first day to file a federal tax return for the year 2023 will be January 24, 2023.
Q: Can I file my state tax return before filing my federal tax return? A: That depends on your state’s rules. Some states allow taxpayers to file their state returns before their federal returns, while others require you to wait until after you’ve filed your federal taxes. Check your state’s guidelines or consult a tax professional if you’re unsure.
Q: What is the deadline to file my taxes for the year 2023? A: The deadline to file individual income taxes is generally April 18, but it may be different depending on where you live and circumstances surrounding COVID-19 pandemic. You may request an extension by filing Form 4868 which extends the due date of the report till October 15th (however this only applies if you pay the estimated amount of outstanding liability).
FAQs
**H3: When is the earliest I can file my 2023 tax return to get a refund in 2024?**
Answer: You can file your 2023 tax return as soon as you have all the necessary documents and information. The IRS usually starts accepting returns at the beginning of February each year. Filing early increases the chances of getting your refund sooner, especially if you’re expecting a large refund.
**H3: Do I have to wait until March to file for a larger refund in 2024?**
Answer: No, there’s no advantage to waiting until March to file for a larger refund. In fact, waiting too long could result in missing out on any potential refund if you’re subject to certain tax provisions that could decrease your refund amount. The best time to file is as soon as you have all your documents and information, to ensure you get your maximum refund.
**H3: Can I file my tax return before receiving all my W-2s or 1099s?**
Answer: No, it’s important to wait until you receive all your W-2s and 1099s before filing your tax return. These documents provide essential income information that’s required to complete the return accurately. Filing before receiving all the necessary documents could lead to errors or delays in processing your refund