The Internal Revenue Service has announced it will begin accepting tax returns on January 23—kicking off the 2023 tax season—and announced other key deadlines for the tax season. As always, be sure that you have all the information you need before you file. You are responsible for filing a complete and accurate tax return, so gather your records and tax forms and double-check your taxpayer identification number and PIN.
- If you purchased an EV in 2022, you could qualify for a credit of up to $7,500.
- Also, by filing early, you will short-circuit would-be identity thieves.
- Kemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses.
- Other quick and efficient ways to get an extension are through the Electronic Federal Tax Payment System (EFTPS), paying with a credit, debit card or digital wallet, and IRS Direct Pay.
- So far, the IRS says this year’s tax filing season is going smoothly.
Taxpayers typically have three years to file and claim tax refunds, otherwise the money becomes the property of the U.S. Enhanced credit or special deductions put into place for 2020 and 2021 have expired, potentially leading to refund shock for many. But it also means less delays and complications for most taxpayers. The average tax refund in last year was $3,176, a near 14 percent increase from the previous year. With high inflation, lower refunds this year may hit household budgets even harder. Many people rely on their refunds to make ends meet, pay down debt or make major purchases.
#7. State rebate payments
If that date falls on a weekend, the deadline is delayed until the following Monday. The federal tax deadline for residents of 55 California counties was delayed until Nov. 16, 2023, due to a winter storm disaster declaration. In 2020, all U.S. taxpayers got a three-month postponement for filing their 2019 taxes due to the onset of the COVID pandemic. Along with higher standard deduction amounts, the IRS has adjusted the income tax brackets from the 2022 tax year. The income tax bracket changes mean that, as with higher standard deductions, taxpayers can expect to see a slightly smaller tax bill. For most taxpayers, the deadline to file their personal federal tax return, pay any tax owed or request an extension to file is Monday, April 15, 2024.
A Bankrate survey found last year that nearly 40 percent of Americans consider a refund very important to their overall financial health. With the past three tax seasons being impacted by the pandemic, the IRS has taken on measures that would ensure Americans can file their returns in a more streamlined manner. You’ll likely have to wait until the IRS reveals the results of the pilot. In the meantime, see our coverage of the new program, including whether the agency can compete with tax prep giants H&R Block and TurboTax. You can claim “Head of Household” status if you are single or unmarried and maintain a household that includes a child or relative.
What’s the difference between filing as single or head of household?
Here’s more of what you need to know about seven changes in particular. The standard deduction for 2023 also increased by about 7%, to $13,850 for individuals and $27,700 for married couples filing jointly. Small business owners can claim higher standard mileage tax season rates for business-related transportation. If you use your car for business purposes, you can deduct 65.5 cents per mile driven during the 2023 tax year. The IRS encourages all taxpayers to check their withholdings with the IRS Tax Withholding Estimator.
