As we approach the end of the year, it’s time to start thinking about tax season. Filing your taxes on time is crucial to avoid penalties and fees, so it’s important to know when you can file. In this article, we will discuss when tax filing opens for 2023 and what you need to know to be prepared.
Changes for Tax Year 2022
Before we look ahead to the next tax season, let’s quickly review some changes that were implemented for Tax Year (TY) 2022. The Internal Revenue Service (IRS) has made a few updates regarding filing deadlines and income brackets:
- Individual taxpayers now have until May 17th, 2022 to file their federal income taxes.
- Corporations with fiscal years ending on June 30th have until December 15th, 2022 to file their returns.
- The standard deduction has been increased slightly for all taxpayers.
When Can You File Taxes in 2023?
For TY22 individual taxpayers who choose not to apply for an extension have until May17th , while corporations with fiscal years ending on June30th have until December15th.
Extensions and Special Circumstances
Individual taxpayers can ask for an extension to October 16, 2023, by filing form 4868 by April 18. However, an extension provides you with more time to prepare and file your tax return, but it does not grant you more time to pay your taxes. Taxpayers who need an extension to file but still owe tax payments can avoid penalties by making an estimated payment by the deadline.
State Taxes
Most states have followed the IRS’ lead and made their tax deadlines April 18. Some have imposed slightly later deadlines. Your state’s tax office website will have the most accurate information about your state income tax deadline.
Expecting Your Tax Refund
The IRS says that most tax refunds are being paid within 21 days of filing. The IRS encourages taxpayers to file electronically with direct deposit as it’s the quickest way to receive your refund. However, if you filed for the Earned Income Tax Credit or Additional Child Tax Credit, by law, the IRS cannot begin issuing your refund until mid-February.
Conclusion
Filing taxes can be a daunting task, but with the right information and preparation, it can be a smooth process. Remember, the key to a successful tax season is to start early, stay organized, and be aware of the deadlines.
FAQs
Q: When is the first day I can file my 2022 tax return?
A: The IRS typically begins accepting tax returns in late January or early February each year. For the 2023 tax season, taxpayers can expect to be able to start filing their returns starting from late January 2023.
Q: What is the deadline for filing taxes in 2023?
A: Generally, the deadline for filing federal income tax returns is April 15th of each year. However, if April 15th falls on a weekend or holiday, the deadline may be pushed back slightly. In recent years, taxpayers have been given until mid-April or later to file their taxes.
Q: Are there any circumstances that might cause me to need an extension on my tax return?
A: Yes, some situations – such as unexpected life events like illness or natural disasters – could impact your ability to complete your tax return by the standard deadline. To request an extension, you must submit Form 4868 before the standard due date of your return (typically April 15th). This will give you an additional six months (until October) to file your taxes without accruing penalties for late payment.
FAQs
**H3: When is the 2024 tax filing deadline?**
Answer: The Internal Revenue Service (IRS) typically sets the tax filing deadline for April 15 of the following year. However, if this date falls on a weekend or holiday, the deadline may be pushed back to the next business day. For 2024 taxes, the deadline is expected to be April 17.
**H3: What are the benefits of filing taxes early?**
Answer: Filing taxes early provides several benefits. First and foremost, it allows you to get your refund sooner. Second, if you owe taxes, filing early reduces your anxiety and gives you more time to pay. Lastly, filing early minimizes the chances of errors or fraud, giving you peace of mind.
**H3: How can I maximize my tax refund in 2024?**
Answer: To maximize your tax refund, ensure you claim all eligible deductions and tax credits. Some common deductions include student loan interest, medical expenses, and charitable donations. Tax credits, on the other hand, reduce your tax liability dollar for dollar. These include the Child Tax Credit and the Earned Income Tax Credit. Additionally, consider prepaying certain expenses before the end of the year to lower your taxable income. Consult a tax professional to help you identify potential deductions and credits