Tax filing deadlines are a crucial part of every tax season. Knowing when to file your taxes can help you avoid penalties and fines, and ensure that you receive any refunds owed to you as quickly as possible. In this article, we will discuss the tax filing deadline for the year 2023, including who needs to file their taxes by this year’s deadline.
What is the Tax Filing Deadline for 2023?
The tax filing deadline for the year 2023 is yet to be officially announced by the IRS. However, traditionally, the deadline for filing federal income tax returns is April 15th. This means that your federal income tax return must be postmarked or electronically filed by midnight on April 15th unless you request an extension. If you file late without requesting an extension, you may be subject to penalties and interest charges.
For instance, in 2020, due to the COVID-19 pandemic, the IRS extended the tax filing deadline to July 15th. This was a rare occurrence and was done to provide relief to taxpayers during a difficult time. However, under normal circumstances, taxpayers should plan for an April 15th deadline.
Who Needs to File Their Taxes by This Year’s Deadline?
Most taxpayers need to file their taxes by this year’s deadline if they earn above a certain amount of income during the tax year. The income thresholds are typically adjusted each year for inflation. In 2021, for example, the thresholds were:
- Single filers with an income over $12,200
- Married couples filing jointly with incomes over $24,400
- Head-of-household filers with incomes above $18,350
You may also need to file your taxes if you received unemployment compensation at any time during the year or owe household employment taxes (i.e., paid someone more than $2,200 in cash wages). It’s always better to check with a qualified accountant or use reliable online tools like TurboTax or H&R Block’s Free Edition.
For example, if you are a freelance graphic designer who earned $15,000 in 2023, you would need to file a tax return. However, if you are a college student who only earned $3,000 from a part-time job, you would not need to file.
How Can I Prepare Myself Before The Deadline?
There are several steps and tools available that can help taxpayers prepare themselves before the deadline arrives:
Gather All Necessary Documents
To properly fill out your tax return form and minimize mistakes when reporting information like income sources, credits claimed etc., it is essential first to gather all required documents – this includes W-2 forms from employers, 1099 forms for additional income streams, and other relevant tax documents.
For example, if you have a regular 9-5 job, you will receive a W-2 form from your employer. If you did freelance work, you might receive a 1099 form. If you have a savings account, you might receive a 1099-INT form from your bank reporting the interest you earned.
Use Online Tax Preparation Tools
Several online tools made available by the IRS can provide assistance to taxpayers that help determine whether or not they are filing correctly. These tools use a Q&A format to step you through the process of filling out your tax return form one section at a time – while flags any possible errors or discrepancies before you file.
For instance, the IRS’s Free File program provides free tax preparation and filing software for taxpayers with an adjusted gross income of $72,000 or less. This software can guide you through the process of preparing and filing your tax return, making it easier to ensure you’re doing everything correctly.
Request an Extension
If necessary, you may request an extension until October 15th. Keep in mind that if you owe taxes, an extension does not extend the deadline for payment. This means that interest will accumulate on any unpaid balance during this period.
For example, if you are unable to file your taxes by the April 15th deadline due to an unexpected emergency, you can file Form 4868 to request an extension. However, if you owe taxes, you should estimate the amount you owe and pay it when you file Form 4868 to avoid interest and penalties.
In conclusion, it is essential to know when and by what date the federal tax returns need to be filed each year. By gathering necessary documents early and using reliable online resources like IRS’s free e-filing service or H&R Block’s Free Edition services – taxpayers can ease some strain associated with preparing their return as well as checking compliance (and accuracy) via these valuable self-diagnostic features!
Q: When is the tax filing deadline for 2023? A: The tax filing deadline for 2023 is yet to be officially announced by the IRS, but it is traditionally April 15th.
Q: Can I get an extension to file my taxes beyond the April 15th deadline? A: Yes, you can request a tax extension by filling out Form 4868 by April 15th, which will give you an additional six months to file your taxes until October 15th, but keep in mind this does not give you more time to pay any taxes owed.
Q: What happens if I miss the tax filing deadline or fail to pay my taxes on time? A: If you miss the tax filing deadline or fail to pay your taxes on time, there may be penalties and interest charged on any unpaid amounts. The penalty for failing to file your return can be as high as 5% of your unpaid taxes per month up to a maximum of five months. Additionally, late payment penalties are typically about half a percent per month of unpaid taxes until they reach a maximum of twenty-five percent of what you owe plus interest charges. It’s important that taxpayers try their best meet these deadlines because missing them can end up being quite costly down the line with added fees and penalties accruing over time.