As we move into the new year, it is important to start thinking about filing your taxes. Filing taxes can be a daunting task, but knowing the right dates and deadlines can help make the process easier. Here’s what you need to know about when you can file your taxes for 2023.
Key Dates for Tax Filers
January 1st – March 31st
- During this time period, taxpayers should gather all necessary documents needed to prepare their tax returns.
- Employers must mail W-2 forms by January 31st of each year to employees who earned wages or salaries during the prior year.
- Companies that pay independent contractors $600 or more in a calendar year must issue Form 1099-MISC by January 31st.
April
- April marks the beginning of tax season in the United States.
- As of now, there has not been any official announcement regarding when IRS will begin accepting tax returns for filing.
- Keep an eye on IRS announcements in case they announce any changes due to COVID-19 pandemic situation.
June
- The second quarter estimated tax payments are due on June 15th, which affects self-employed individuals as well as those with investment income.
September
- The third quarter estimated tax payments are due on September 15th.
October
- Taxpayers who requested an extension have until October 15th to file their return.
What Documents Do You Need?
One of the most important aspects of preparing your taxes is gathering all required documents before filing them with IRS. Whether you’re preparing your own taxes or using an accountant/ online software , here are some documents that may be needed:
- W-2 form: This shows how much money was earned from employment plus federal taxes withheld
- 1099-MISC form: This is issued to independent contractors and self-employed individuals who earned $600 or more in a calendar year.
- 1095-A, 1095-B, or 1095-C form: These forms show if you had health insurance coverage during the year
- Schedule K-1: Used for reporting income from partnerships, LLCs ,S-Corporations etc.
How To File Your Taxes
Online Filing
- Electronic filing provides faster overall processing of your refund. It’s also safe and secure. Through tax software like TurboTax or H&R Block Tax Software, you can electronically file both state and federal returns using a step by step guide.
Snail Mail Filings
- If you prefer paper filings then a printed copy of return along with all necessary documents need to be mailed postmarked on or before April 15th of each year.
What Happens After You File?
Once you have filed your taxes either online or snail mail ,next steps what happens:
Tax Refunds
- The fastest way to receive your refund is through electronic direct deposit into an account rather than waiting for check.
- Withholding money from each paycheck throughout the year so that taxes are paid before they are due can also help minimize wait time in getting refunds.
Paying Taxes Owed
If after filing it turns out that taxpayer owes additional amount:
- Make payments electronically by creating an account in IRS website.
- There could be convenience fees associated with paying this way – around 1% depending upon payment processor used .
Knowing when and how to file taxes for the upcoming tax season will make things easier down the road. Gathering all required documents beforehand helps make sure everything is completed correctly come tax day. As always remember that deadlines should not be taken lightly since failing to meet them can result in penalties and interest being charged.
FAQs
Sure! Here are three popular FAQs with their answers about the important dates and deadlines for filing taxes in 2023:
1) Q: When is the tax filing deadline for 2023?
A: The deadline for filing federal income tax returns is usually April 15th each year, but it can vary depending on weekends and holidays. For the tax year ending December 31, 2022, the official tax filing deadline would be April 17, 2023.
2) Q: When can I start to file my taxes in 2023?
A: Typically taxpayers can begin submitting electronic or paper returns to the IRS in January of each year. Assuming no changes are made to that timeframe by Congress or other government entities, you should be able to officially file your taxes starting from January of 2023.
3) Q: Can I request an extension if I am unable to meet the tax-filing deadline for any reason?
A: Yes. Taxpayers who need additional time can request an automatic six-month extension of time from the Internal Revenue Service (IRS). This means instead of having a standard due date on April 17th , you will have until October16th , or possible shorter deadlines depending upond changes communicated by IRS later. Keep in mind that while you still must pay any estimated taxes due by April17 th , even if you seek an extension through October16 th .