What You Need To Know About Tax Day 2023
Know this, the earlier you file, the earlier you're in line for your refund if you are eligible for one.
April 15, often known as Tax Day, is usually the deadline to submit your federal and state income tax forms. However, for Tax Day 2023, things are slightly different. This is because Tax Day has been moved to April 18, and here's why.
Why is the 2023 tax deadline April 18?
The usual Tax Day (April 15) for 2023 falls on a Saturday. As with every other holiday, when it occurs on the weekend, the government body (IRS in this case) pushes it to the next business day. Fortunately, the next business day, Monday, April 17, is Emancipation Day, a recognized holiday in Washington, D.C. This is where the IRS headquarters is situated.
Also, Patriot's Day, observed on April 17, is a state holiday in Massachusetts and Maine. Due to this, the deadline for submitting federal income tax returns, or Tax Day 2023, will be Tuesday, April 18, 2023. It is also expected that most states should follow the same timetable for state income tax reports.
Depending on how close a taxpayer submits their tax files to the deadline, they may expect to get their tax refund by direct transfer or check in three weeks.
When Exactly Will the IRS Begin Accepting Tax Returns and Issuing Refunds for Tax Day 2023?
Typically, the IRS begins taking tax returns in the last week in January. However, implementing significant new tax legislation usually affects the start of tax season, although the delay is usually for a week or two. As a result, refunds for early tax filers can get to the recipients as early as mid-February, although some might get theirs by late February. The peak of the filing season is usually around late March, which causes a delay too.
Taxpayers who claim the Child Tax Credit (CTC) or Earned Income Tax Credit (EITC), on the other hand, typically see a delay in getting their refunds (about one month). This is because the IRS has to check their credit eligibility.
The IRS extended the deadlines and introduced some changes for the previous two tax filing seasons due to the disruptive Covid-19 epidemic. S0, do not expect another extension for the deadline for 2023.
So, as soon as you have all your tax paperwork, you should send your tax return via electronic transmission or manual submission.
Several factors can influence when a person receives their tax return, and some of them are:
- Time of filing.
- Assuming the taxpayer qualifies for a number of deductions and credits (especially EITC and CTC).
- if the form is submitted electronically or by regular mail.
- Whether or whether not the individual has a federal tax debt.
Tips For Tax Day 2023
One wonders what Ben Franklin thought when he said, "Nothing is certain in life except death and taxes," because this statement still rings true today. Knowing how to get prepared and getting prepared are two different things, and you need to be ready in all aspects. Here are a couple of suggestions to help you get prepared for Tax Day 2023:
Organize Your Paperwork
As with anything relating to the government, paperwork is a major aspect of tax filing. To take full advantage of every deduction you are eligible for and prevent mistakes, ensure you have all crucial paperwork available before you settle down to start. Here are some of the documents you will need:
- Forms W-2, 1099, and other tax forms demonstrating earned income.
- Records of donations from charities.
- Records of and property taxes paid (mortgage interest included).
- Tax returns from the previous year.
If you believe your tax return might not meet the date, then the next tip is for you.
Take Advantage of Tax Extensions
Allowing a nearing tax deadline to compel you to speed through the submission process and making a mistake on your submission is not a good idea. It might hurt you more than you ever bargained for. There is a solution simply ask for an extension.
Anyone who wants a six-month extension of the tax filing deadline is usually granted one. That is precisely what we do at IRS Extension.Online; we help you get your tax file extension approved as soon as possible.
However, here are some things to note a tax extension only provides you more time to complete and submit your tax return. It does not, in any way, give you extra time to pay the tax you owe. This means that even with an extension, you must estimate your tax and submit your payment before the tax filing date.
Is there a penalty for requesting a tax extension?
No payment is required to request an extension, although doing so is not s not necessarily bad. But it will cost if you don't pay on time or don't pay enough, or if you don't file at all. If you have any questions at all, contact us and well be back to you at our earliest opportunity!
What if I cannot pay all of my tax at once?
It is not wise to disregard filing your tax return because you can't afford to pay the whole amount on or before the deadline. This will only increase the amount you have to pay.
The IRS sets penalties and interest on your unpaid balance right from the day the return is due, regardless of when you submit it. You can reduce these fees by submitting as soon as you can, paying as much as you can at the time of filing, and establishing an installment plan for the remaining amount due.
What is the quickest way to file a tax return?
Tax returns submitted online are the quickest and most accurate way to get your money back to you.
When compared to filing electronically with the IRS, paper filing carries more risk. When filing taxes electronically, you avoid the risks of a delayed or misplaced paper submission. In addition, the IRS will start processing your return as soon as it is submitted, and you will be notified immediately.
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