As the tax season approaches, it’s natural for taxpayers to wonder when they can submit their taxes. The process of filing taxes can be daunting, but with the right information and guidance, it can be a smooth and stress-free experience. This comprehensive guide will provide you with all the necessary information and tips to help you navigate the tax season with ease.
IRS Steps to Take Now to Get a Jump on Next Year’s Taxes
Check Your Withholding and Make Any Adjustments for Next Year
One of the first steps you should take is to check your withholding. This is the amount of tax that is taken out of your paycheck. If you find that you’re consistently getting a large refund or owing a lot at tax time, you might need to adjust your withholding. You can do this by submitting a new W-4 form to your employer.
Store Your Tax Records Safely
It’s important to keep your tax records safe and organized. This includes W-2s, 1099s, receipts for deductible expenses, and any other relevant tax documents. These records will be crucial when it’s time to file your taxes and can also be helpful if you ever get audited by the IRS.
Stay Organized
Staying organized is key to a stress-free tax season. Keep track of all your income sources, deductible expenses, and tax payments throughout the year. This will make it much easier when it’s time to file your taxes.
Shop for a Tax Professional, If Needed
If your tax situation is complex, you might want to consider hiring a tax professional. They can help you navigate the tax laws, find deductions and credits you might have missed, and ensure that your tax return is accurate and complete.
Look into Making Deductible IRA Contributions
If you have an Individual Retirement Account (IRA), you might be able to deduct your contributions. This can reduce your taxable income and potentially lower your tax bill.
Check Your Eligibility for the Earned Income Tax Credit (EITC)
The Earned Income Tax Credit (EITC) is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. If you qualify, it could reduce the amount of tax you owe and may even give you a refund.
Check Your Eligibility for the Child Tax Credit
The Child Tax Credit is a tax credit that can reduce your tax bill by up to $2,000 per qualifying child. The credit is refundable, meaning it can reduce your tax liability below zero and result in a refund.
When Can I Start Filing Taxes?
The 2023 tax-filing season started on Jan. 23, 2023. This was the date the IRS began accepting income tax returns. So, if you’re ready to submit your taxes, you can do so now.
Do You File 2022 Taxes in 2023?
Yes, the purpose of the 2023 tax-filing season is to file taxes for the 2022 tax year. This means you’ll be reporting income and deductions from the previous year.
When Are Taxes Due in 2023?
The tax-filing deadline is April 18, 2023. If you request an extension, the IRS says that date is Oct. 16, 2023. However, keep in mind that an extension only gives you more time to file your return, not to pay your taxes. If you owe taxes, they are still due on April 18.
Choose How to File Taxes
There are three main ways to file taxes: fill out IRS Form 1040 or Form 1040-SR by hand and mail it, file taxes online using tax software, or hire a human tax preparer to do the work of tax filing.
File Taxes Online with Tax Software
If you’ve used tax software in the past, you already know how to do taxes online. Many major tax software providers offer access to human preparers, too. TurboTax, H&R Block, TaxAct, and TaxSlayer, for example, all offer software packages or support options that come with on-demand, on-screen, or online access to human tax pros who can answer questions, review your return, and even file taxes online for you.
Hire and Work with a Tax Preparer
While it’s never been easier to do your own taxes using software, as your financial life gets more complex you might wonder if you should get someone to prepare and help file your taxes. If you have a business or a healthy side gig, or you just want help understanding all of the forms, you might seek out a professional’s guidance.
Understand How Your Taxes Are Determined
The government decides how much tax you owe by dividing your taxable income into chunks — also known as tax brackets — and each chunk gets taxed at the corresponding tax rate. The beauty of this is that no matter which bracket you’re in, you won’t pay that tax rate on your entire income.
Gather Tax Filing Information
Before you sit down to do your taxes, gather all the documents and information you’ll need. This includes:
- W-2 forms from your employers
- 1099 forms for other types of income, such as self-employment, bank interest, or dividends
- Your most recent tax return
- Information for other income, such as rental income or unemployment income
- Records of any federal or state tax payments you made during the year
Settle Up with the IRS
Once you’ve filed your taxes, you’ll either get a tax refund, if you overpaid your taxes during the year, or you’ll owe money to the IRS, if you didn’t pay enough taxes. If you owe money, you can pay your taxes online, by phone, or by mail.
In conclusion, preparing to file your taxes can seem like a daunting task, but with the right preparation and understanding, it can be a smooth and stress-free process. Remember, the earlier you start preparing, the easier it will be when it’s time to file. So, are you ready to submit your taxes? You can file now!
FAQs
H3: When is the deadline to file taxes for the 2024 tax year?
A: The deadline to file your 2024 tax return is usually April 15, but this date may vary depending on the weekends and holidays fall. Be sure to double-check the IRS website for the exact filing deadline.
H3: What happens if I miss the tax filing deadline?
A: If you miss the tax filing deadline without requesting an extension, you could face penalties and interest charges on any unpaid taxes. Late filing penalties are usually 5% of your unpaid tax for each month your return is late, up to a maximum of 25%.
H3: Can I file my taxes early, and what benefits does this provide?
A: Yes, you can file your taxes early, even if you’re not yet finished gathering all your documents. Filing early ensures that you’ll have your refund as soon as possible if you’re due for one. Additionally, if you’re worried about not meeting the deadline or about potential tax law changes, filing early eliminates this stress