Tax Season Officially Starts Next Week – Are You All Set?

Tax
Tax (Photo, Forbes)

Tax season is fast approaching. The IRS has announced already when it will start accepting returns, so it’s not too early to start getting your paperwork together.

Illinois Certified Public Accountant Society has suggested a couple of tips for taxpayers to simplify and speed up the process of filing their taxes.

  1. Gather all your information before filing Before starting your tax return, gather all necessary information earlier, including 2022 tax records as well as Social Security numbers, Individual Taxpayer Identification Numbers, and Adoption Taxpayer Identification Numbers.
  2. File electronically and use direct deposit Both filing electronically and using direct deposit are important steps to assure that both your tax returns and refund payments are processed with minimal delays.

READ ALSO: Will the Boosted Child Tax Credit make a return in 2023?

Here are important dates for the 2023 tax season:

Deadline for filing your taxes

The deadline to file is Tuesday, April 18, 2023. Because April 15 is a Saturday and the next weekday, April 17, is a holiday, Emancipation Day, in Washington, DC.

The IRS expects to receive more than 168 million individual returns this year.

Locals of California impacted by severe storms have until May 15 to file their taxes.

If you’re serving in the military abroad, including in a combat zone or as part of a contingency operation in the Armed Forces, you may be granted additional time to file your return.

When are state taxes due?

Of the 41 states that levy income tax, most are sticking to the April 18 deadline. There are some exceptions.

State Dates of the Deadline
Iowa May 1
Virginia May 1
Delaware May 2
Louisiana May 15

Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are nine States that have no state income taxes.

You can check with your state department of revenue for the most recent information and deadlines.

Deadline when filing for an extension

The extension will have until Oct. 16, 2023, to file their 2022 tax return.

Filing an extension doesn’t move back your payment deadline, though. You still need to present anything you owe on time to avoid late penalties. An extension just provides you extra time to complete your return.

READ ALSO: State Representative Boden to Prioritize Property Tax Reform