The IRS officially announced January 23 as the beginning of the 2023 tax season in the USA when the agency will begin accepting and processing your 2022 tax year returns. Here are all the dates you need to keep in mind this tax 2023 season.
Filers will have more than two months to file their taxes ahead of the April 18 deadline. However, the sooner you start working on your tax return and file it, the sooner IRS will be able to process your refund. The IRS also allows you to request a tax extension of April 18, which will be due on October 16.
The IRS free file program opened ten days ahead of the official acceptance day on January 13. It allowed taxpayers who made less than $73,000 in 2022 to file for free. Here is a list of the important you must add to your tax calendar for 2023:
The 2023 tax season officially begins with the IRS starting to accept and process individual 2022 tax returns. For those applying for certain credits, like earned income tax credit or additional child tax credit, the IRS will not be able to issue your refund until at least mid-February, no matter how soon you file.
IRS will make Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people, including the option to use the prior-year income to qualify.
Employers are required to mail or submit W-2 forms to employees who worked for them in 2022 by January 31. At the same time, fliers must mail certain information returns, such as the 1099-NEC, 1099-K and 1099-INT.
If you were exempted from tax withholding in 2022, file a new Form W-4 with your employer by February 15 if you wish to reclaim the exemption this year. Furthermore, fliers must send recipients additional informational returns like the 1099-Bs and specific 1099-MISC forms.
The national due date to file a 2022 tax return or request an extension. At the same time, it is the due date to pay the tax owed due to the Emancipation Day holiday in Washington, DC. It is also the last day to make contributions to your health savings account or Roth/traditional individual retirement account for 2022, the limit of which was set at $3,650 for individuals and $7,300 for family coverage.
The due date to file for those who requested an extension on their 2022 tax returns. However, filers must note that your tax bill will still be due on April 18. A tax extension will only give more time to file the return, but not provide more time to pay taxes.
When are state income taxes due?
The due dates for state income tax usually follow federal deadlines. It is essential filers check with their state’s taxes and revenue authority to get necessary information about their filing dates.
Crucial tax season dates in 2023
After the last three tax seasons were severely impacted by pandemic repercussions, the IRS is taking all possible measures to ensure that Americans are able to file their returns in a more effective way. The agency expects more than 168 million Americans to file their taxes this year. Make sure you follow these dates to file your tax on time this 2023.
“This filing season is the first to benefit the IRS and our nation’s tax system from multi-year funding in the Inflation Reduction Act,” Acting IRS Commissioner Doug O’Donnell said in the agency announcement.
Earlier in November, the IRS announced tax refunds for 2023 may be smaller. Taxpayers will not be receiving additional stimulus payments in their refund due to no Economic Impact Payments in 2022. At the same time, tax refunds can be expected to be issued in 21 days. It can be even lesser if filers choose to file through the direct option while filing electronically. Also, check out Beem Tax Calculator to get a quick and accurate estimate of your federal and state tax refund.