Are you already looking forward to filing your taxes for the year 2023? Whether you’re a seasoned tax filer or someone who is preparing their return for the first time, it’s important to know when you can file this year. Here’s what you need to know:
Key dates for Tax Year 2023:
- January 1, 2024: The official start of Tax Year 2023
- March-April 15, 2024: Tax season officially starts in March and ends on April 15th. This is the period when most taxpayers will file their returns.
- October 15, 2024: For those who have requested an extension, this is the deadline to submit your completed tax return.
There are several ways that individuals can choose to file their taxes. Here are some popular methods:
E-filing: This method involves electronically submitting your tax return through software like TurboTax or H&R Block
Mailing Paper Returns: You can mail paper returns directly to the IRS address listed on each form.
Tips and Reminders
As you prepare your tax documents and plan for filing next year’s return, keep these tips in mind:
Even if you are not required to file a return because of low income levels or other reasons, doing so might still benefit from money-back issues such as credits which may be helpful.
Keeping track of all receipts throughout the year will help ensure that deductions claimed are accurate and thorough
By following these guidelines and keeping an eye on key dates leading up to tax season, getting ready for Tax Year fpr *23 should be much more relaxed than expected!
Here are three popular FAQs related to filing taxes in 2023 with their corresponding answers:
When is the deadline for filing taxes in 2023?
The deadline for filing your federal tax return in 2023 will likely be on April 17th, since April 15th falls on a Saturday and April 16th is a holiday (Emancipation Day) observed in Washington D.C.
Can I file my tax return before the official start of the tax season?
No, you cannot file your tax return before the Internal Revenue Service (IRS) officially starts accepting returns. The IRS typically begins accepting both electronic and paper tax returns starting from late January or early February each year.
Do I have to file a tax return if I don’t owe any taxes or had no income during the year?
If you do not owe any taxes and earned very little income during the previous calendar year, such as below $12,400 for single taxpayers and $24,800 for married couples filing jointly (for 2020), then you may not be required to file a federal income tax return under certain circumstances. However, it’s always recommended to double-check with an accountant or use IRS tools to ensure that you’re not missing out on potential deductions or credits that could lower your overall taxable income even further.