Key Deadlines and Changes for the 2023 Tax Season
Every year, typically right after the new year starts, the IRS formally announces key dates and deadlines for the current tax season. Recently, the IRS made the announcements for the current 2023 tax season. To ensure the process goes as smoothly as possible, it’s best to know this tax season’s deadlines and key dates so you don’t miss a beat in working with your CPA. Tax Season in Perspective More than 168 million individual tax returns will be submitted to the IRS in 2023, covering the 2022 tax year. The last three years saw delays and snafus, largely impacted by the pandemic. This year, the IRS assures taxpayers it is taking measures to streamline filings. Under the recently passed Inflation Reduction Act, the IRS hired thousands of customer service representatives. They will be on call to assist with answering questions via the IRA taxpayer helpline. The helpline number is 1-800-829-1040; online tools and resources can be found on the IRS website. The IRS provides other free assistance services, such as its Volunteer Income Tax Assistance and Tax Counseling for the Elderly for qualified individuals. Important Dates for the 2023 Tax Filing Season
IRS Free Filing Opens for the season – Jan. 13 - Opening 10 days earlier than the regular official start of the season, the IRS free file program offers taxpayers making less than $73,000 in 2022 to file free of charge using online tax software.
Estimated Tax Payments for the 2022 tax year 4th quarter – Jan. 17
First day the IRS starts accepting and processing 2023 tax season (2022 fiscal year) individual tax returns – Jan. 23
Earned Income Tax Credit (EITC) Awareness Day – Jan. 27 - This day is designed to raise awareness of the EITC availability to low- and moderate-income workers and families who may qualify but are unaware.
The due date for 2022 tax returns to be filed or extension requested tax due to be paid – is April 18 - This deadline is an additional three days beyond the typical deadline of April 15, granted due to the Emancipation Day holiday in Washington, D.C., and the way the weekend falls. Note that refunds are expected to be issued in 21 days or less (if using the direct deposit option and filing electronically).
The due date for 2022 individual tax returns put on extension – Oct. 16
Gather Your Important Documents Keeping these dates and deadlines in mind, organize and gather all your tax records and documents as you receive them electronically or in the mail. This will make it faster and easier to work with your tax professional. Conclusion Remember the above dates as you organize and prepare for the 2023 tax season. Doing so will make your life much easier and less stressful regarding taxes.