Tax season officially begins today, as the IRS starts accepting individual tax returns for tax year 2023. Three-quarters (75%) of filers will receive a refund, making it an eagerly awaited time for many Americans. While the deadline to file your tax return may seem far away, it can take a maddeningly long time to gather your important tax documents, so it's best not to procrastinate.
For most Americans, the deadline to file their tax returns is April 15th. This year, since April 15th falls on a Saturday, the deadline will be extended to the following business day, which is April 17th. It is important to note that certain groups, such as members of the military serving in combat zones, have different filing deadlines.
Just because the deadline to file 2023 taxes is far away in April, you shouldn't procrastinate. Most Americans are due a refund check, and the sooner you file, the sooner you can receive your money. Many Americans got a shock last year when the expiration of pandemic-era federal benefits resulted in their receiving a smaller tax refund than expected. To avoid any surprises, it's crucial to file your taxes early and accurately.
This year, the Child Tax Credit plays a significant role in determining the amount of refund you may receive. The credit is based on income, filing status, and the number of children. If Congress acts, it could potentially increase for tax year 2023, making it even more important to stay updated on any changes.
To ensure a smooth filing process, gather all necessary documents such as W-2 forms, 1099 forms, and any other relevant income and deduction records. It's essential to double-check all information to avoid errors or omissions that could potentially delay your refund or trigger an audit.
Americans can start filing their income-tax returns with the Internal Revenue Service (IRS) on Monday, January 29th. This marks the beginning of the 2024 tax season, and the IRS has pledged to provide better service for taxpayers. They have invested in technology upgrades and additional staff to handle the influx of returns and inquiries.
Remember, even if you are unable to file your tax return by the deadline, it's still crucial to submit an extension request to avoid penalties. An extension grants you an additional six months to file your return, but keep in mind that any taxes owed must still be paid by the original deadline to avoid interest charges.
In conclusion, the deadline for most Americans to file their 2023 federal income tax returns is April 17th. Don't wait until the last minute; gather your documents, stay informed about any changes to tax laws, and file your taxes accurately and early. By doing so, you can ensure a smoother process, potentially receive a refund sooner, and avoid any penalties or surprises.
