Tax Deadline 2023: Everything You Need to Know

Tax Deadline 2023: Everything You Need to Know

Summary 

If you are a taxpayer in the United States, you may be wondering about the tax deadline for 2023. When do you have to file your tax return and pay your taxes? What are some of the changes and challenges that may affect your tax situation this year? In this blog post, we will answer these questions and provide some tips and resources to help you prepare for the 2023 tax season. 

The IRS has announced that the official start date for accepting and processing 2022 tax returns is Monday, January 23, 2023. This means that you can file your tax return electronically or by mail on or after this date. The IRS expects to receive more than 168 million individual tax returns this year, with most of them filed before the April 18 tax deadline. 

Why April 18? Because April 15 falls on a Saturday in 2023, and the following Monday, April 17, is a legal holiday in Washington D.C. (Emancipation Day). Therefore, taxpayers have three extra days to file their taxes this year. However, some taxpayers living overseas, and disaster victims may have later filing deadlines. For example, Alabama, California and Georgia storm victims now have until May 15 to file various federal individual and business tax returns and make tax payments. 

The IRS encourages taxpayers to file their tax return electronically with direct deposit to speed up their refunds and avoid delays. Electronic filing is also more accurate and secure than paper filing. Members of the armed forces and qualifying veterans can file their federal tax return and up to three state tax returns for free electronically using MilTax, a Department of Defense program. 

If you are eligible for a refund, you should receive it within 21 days (about 3 weeks) of the date you file your tax return, as long as there are no issues or errors on your return. You can check the status of your refund using the Where’s My Refund? tool on IRS.gov or the IRS2Go mobile app. You will need your Social Security number, filing status and exact refund amount to use this tool. 

If you owe taxes, you have to pay them by April 18 to avoid penalties and interest. You can pay online, by phone, by mail or in person using various payment options offered by the IRS. You can also request an installment agreement or an offer in compromise if you cannot pay your full tax liability at once. 

One of the major changes that may affect your tax situation this year is the elimination of the Advance Child Tax Credit (ACTC) and the Recovery Rebate Credit (RRC). The ACTC was a monthly payment of up to $300 per child that was sent to eligible families from July to December 2022. The RRC was a credit that allowed taxpayers to claim any missing stimulus payments from the previous years. These credits are no longer available for the 2022 tax year, which means that many taxpayers may find their refunds somewhat lower this year. 

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Another change that may affect your taxes is the inflation adjustment of various tax provisions, such as tax brackets, standard deduction, personal exemption and itemized deductions. The IRS has published the updated amounts for these provisions on its website. You should check them carefully to see how they apply to your situation. 

Some of the challenges that may affect your taxes this year are related to the ongoing pandemic and its economic impact. For example, if you received unemployment benefits in 2022, you must report them as taxable income on your tax return. However, if your adjusted gross income was less than $150,000, you may be able to exclude up to $10,200 of unemployment benefits from your income. You should receive Form 1099-G from your state unemployment agency showing the amount of benefits you received, and any taxes withheld. 

Another challenge that may affect your taxes is related to working from home due to COVID-19. If you are an employee who worked from home temporarily because of the pandemic, you cannot deduct any home office expenses on your tax return, unless you are a qualified performing artist, a fee-basis state or local government official, a member of the National Guard or military reserve or an Armed Forces reservist who traveled more than 100 miles from home. If you are self-employed or an independent contractor who worked from home due to COVID-19, you may be able to deduct some of your home office expenses on Schedule C or F of your tax return, if you meet certain requirements. 

Conclusion 

Filing your taxes on time is crucial to avoid penalties and interest charges from the IRS. By following the steps outlined in this article, you can ensure you’re prepared for Tax Deadline 2023 and file your taxes with ease. Remember, it’s important to stay organized and keep track of all your tax-related documents throughout the year to make tax filing as smooth and stress-free as possible. By following the guidelines outlined in this article, you can ensure you’re ready for Tax Deadline 2023 and avoid any unnecessary penalties or interest charges. 

FAQs 

1. What is the deadline for Tax Year 2023? The deadline for Tax Year 2022 is April 18, 2023. 

2. Can I file my taxes after the deadline? Yes, you can file your taxes after the deadline, but you’ll incur penalties and interest charges. 

3. What happens if I can’t pay my taxes by the deadline? If you can’t pay your taxes by the deadline, you should still file your tax return on time to avoid the late filing penalty. You can then set up a payment plan with the IRS to pay the balance over time. 

4. Can I still claim a refund if I file my taxes after the deadline? If you’re owed a refund, there is no penalty for filing your tax return after the deadline. But, you need to file your return within three years of the original deadline to claim your refund. 

5. How about If I make a mistake on my tax return, what could I do? If you make a mistake on your tax return, you can file an amended return to correct the error. However, you must do so within three years of the original filing deadline. 

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