Author: Perez Clark
Go ahead and mark this date in your calendar; January 23rd officially kicks off tax season.
This day will see the Internal Revenue Service begin receiving and processing tax returns, according to the agency’s Thursday statement.
On April 18th, tax season closes, with a few states bearing their expectations for varying reasons.
In this post, we will cover the stipulated tax return dates, deadline extension information and requirements, and everything you need to know about filing your taxes on time and how long it takes to receive your refunds.
Let’s begin.
Tax Deadlines 2023: IRS Announces The First And The Last Day To File Taxes
January 23rd Kicks The Start Of The 2023 Tax Season
Individual tax filing season begins on January 23rd, 2023, and the IRS has announced that it will begin receiving and processing 2022 tax year returns on that day.
The national tax agency expects to accept 168 million individual tax file returns, with the bulk majority of the figure to come before the announced deadline.
The IRS also requires to provide employees with W-2 and 1099 forms by January 31st, 2023.
In addition, those getting income exempt from withholding taxes are required to make their payments to the IRS. You can do this either quarterly or every year through estimated payments.
The yearly payment is due April 18th, while the quarterly payments are due by the following;
- First payment; April 18th, 2023.
- Second payment; June 15th, 2023.
- Third payment; September 15th, 2023.
- Fourth payment; January 16th, 2024.
April 18th Tax Filing Deadline
The deadline for most Americans to file their taxes is April 18th, as the 15th falls on Saturday, and the next weekday falls on the 17th, Emancipation Day, a holiday practiced in Washington D.C.
California residents severely affected by the storms have until May 15th to file their individual, federal, and business taxes.
Military service people, including those serving in combat zones and contingency missions in support of the nation’s Armed Forces, may receive additional time to file their tax returns.
What State Tax Exceptions Exist? And When Are They Due?
Most of the 41 states that collect income tax are sticking with the April 18th deadline. However, there are a few exceptions;
| State | Deadline |
| Iowa | May 1st |
| Virginia | May 1st |
| Delaware | May 2nd |
| Louisiana | May 15th |
Nine states – Florida, Alaska, Washington, Nevada, Tennessee, Wyoming, South Dakota, Texas, and New Hampshire – levy no state income taxes.
Can I File For A Deadline Extension? What’s My New Deadline If Successful?
Taxpayers in need of an extension have until October 16th, 2023, to file their 2022 tax returns.
Acquiring an extension isn’t going to push back your payment deadlines. Instead, all it means is that you are given more time to file your tax forms.
The Internal Revenue Service still requires you to submit everything you owe in due time to avoid late fees and penalties.
Should I File My Taxes Early?
John Buhrmann, a financial planning consultant at eMoney advisor, recommends filing your taxes early “if all your paperwork is in order and you’ll be getting a refund.”
“From a financial perspective, the IRS is happy with that,” he adds. “Although, if you owe money, it may be better to wait a bit.”
“This allows you more time to keep hold of your money and more time to figure out the best way to pay – whether it means putting it on credit, taking or consolidating loans, or any alternative method that works with your finances.”
Prepare your taxes as soon as possible, even if you are not filing them immediately.
How Long Before I Can Expect My Refunds?
After the IRS starts accepting filings, refund-due taxpayers who file on the web can expect their refunds within 21 days, if they choose direct deposits and encounter no problems with the returns.
By federal law, the IRS is unable to provide refunds involving the Additional Child Tax Credit & Earned Income Tax Credit, as to avoid issuing refunds to fraudulent actors.
What Is IRS Free File? How Can I Use It?
A partnership between leading tax software companies and the IRS, IRS free file allows taxpayers earning below a particular threshold to file taxes electronically for free, using tax software offered by participating providers.
IRS free file opens on January 13th, typically starting before tax season kicks off. To participate, you must have earned a gross income of $73,000 or below in 2022
Final Thoughts
While the IRS hasn’t officially begun accepting last year’s tax returns, it’s never too early to get your paperwork together. With the last three tax seasons affected by the pandemic, the IRS is taking extra steps this year to provide better service to taxpayers.
“We have brought thousands of new workers to answer phones and help taxpayers,” Doug O’Connell, acting IRS commissioner, said last week in a statement. “While these previous few years caused a lot of trouble, we expect people to celebrate improvements this tax season.”