Key dates and filing deadlines to know
Tax season can be a stressful time of year for many individuals and businesses alike. It’s important to stay organized and keep track of important dates and deadlines to ensure your tax return is filed correctly and on time. In this article, we will provide you with all the key dates and filing deadlines required for tax season 2023. Whether you’re an individual taxpayer or a business owner, this information will help you prepare and file your taxes with confidence. So, let’s get ready for tax season 2023!
Understanding Tax Season 2023
What is tax season?
The term “tax season” refers to the period during which individuals and companies are required to submit their tax returns to the government. During tax season, taxpayers report their income, deductions and credits to calculate their tax liability or refund. Tax season usually runs from January to April, although the exact dates can vary from year to year.
When does tax season start and end?
The tax season for 2023 officially begins on January 1, 2023, which marks the beginning of the tax year. The Internal Revenue Service (IRS) typically begins accepting tax returns in late January, and taxpayers have until April 18, 2023, to file their returns. However, taxpayers who need more time can request a six-month extension, which extends the deadline to October 16, 2023.
Why is it important to file your taxes on time?
Filing your taxes on time is important for several reasons. First and foremost, it helps you avoid penalties and interest charges, which can add up quickly if you owe taxes. Filing on time ensures that you receive any refunds that may be owed promptly. Additionally, if you file on time, you’ll have more time to fix any problems or errors that may appear with your return.
What are the consequences of late filing?
If you fail to file your tax return or pay your taxes on time, you may be charged penalties and interest. Penalty for late filing is usually 5% of unpaid tax per month, up to a maximum of 25%. If you fail to pay your taxes on time, you may be fined 0.5% of the unpaid tax per month, up to a maximum of 25%. Interest is charged on any outstanding tax from the date of filing the return to the date of payment. In addition to these penalties, late filing can delay any refund you may be owed.
Key dates to remember for tax season 2023
January 1, 2023 – Beginning of tax year
January 1, 2023, marks the beginning of the tax year for tax season 2023. This is the date when taxpayers should start gathering their tax-related documents and information to prepare their tax returns.
January 28, 2023 – The IRS begins processing returns
The Internal Revenue Service (IRS) typically begins processing tax returns in late January. Taxpayers can file their returns electronically or by post from this date. Electronic filing is generally faster and more secure than paper filing.
April 18, 2023 – Tax filing deadline
April 18, 2023 is the tax filing deadline for the 2023 tax season. This is the deadline for taxpayers to file their tax returns or request an extension Taxpayers who owe tax must also make payment by this date to avoid it Penalty and interest charges.
October 16, 2023 – Extended tax filing deadline
Taxpayers who need more time to file their tax returns can request a six-month extension, which extends the deadline to October 16, 2023. However, taxpayers who owe taxes must pay by the original filing deadline (April 18, 2023) to avoid penalties and interest charges.
To know other important dates
In addition to the key dates listed above, taxpayers should also be aware of other important dates, such as deadlines for contributing to retirement accounts (usually April 15), estimated tax payment deadlines (usually April 15, June 15, September 15, and January 15), and certain business deadlines. Tax return filing deadline (which may vary depending on the type of business).
Filing your taxes for the 2023 tax season
How to Prepare Your Tax Return
Preparing your tax return involves gathering all the necessary information and documentation, such as W-2 forms, 1099 forms, and receipts for deductions and credits. You can then use tax software or work with a tax professional to complete your tax return accurately and efficiently.
Choosing the right tax form
There are different tax forms to choose from depending on your income level, filing status and other factors The most common form is Form 1040, but there are shorter, simpler forms for those who meet certain criteria, such as Form 1040EZ and Form 1040A.
Understanding Tax Deductions and Credits
Tax deductions and credits can help Reduce your tax liability Or increase your refund. Common deductions include mortgage interest, charitable contributions, and state and local taxes. Common credits include the Earned Income Tax Credit and the Child Tax Credit. It’s important to understand what deductions and credits you’re eligible for and take full advantage of them
Common mistakes to avoid when filing your taxes
Taxpayers make several common mistakes when filing their taxes, such as forgetting to sign their returns, miscalculating, and failing to report all income. These mistakes can lead to delays in your return, penalties and even the audit process. It is important to double check your return for accuracy and completeness before submitting it.
It is important to remember that time Tax preparation fee Previously deductible as miscellaneous expenses subject to a 2% limit, this deduction was suspended for tax years 2018 through 2025 under the Tax Cuts and Jobs Act, so taxpayers will not be able to deduct these fees on their tax returns in the 2023 tax season.
Getting help with your tax return
If you’re not sure how to prepare your tax return or have complex tax issues, working with a tax professional can be helpful. Tax professionals can provide guidance on tax law, help you find missed deductions and credits, and even represent you in an audit. You can also get help by calling the IRS’s toll-free number or visiting a local Taxpayer Assistance Center.
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