Tax Deadlines 2023

With the new year just around the corner, you might be looking to get started on that year-end tax planning for your business. However, before you dive into that planning, it’s important to understand the current rules and regulations, especially if you’re considering making a move to a new country or state. So, here are the tax deadlines you should be aware of in 2023, including the deadline for filing personal and business taxes.

Are you ready for tax season? We’ve compiled a list of all the deadlines and information you need to know to file your taxes in 2023.

10 things you should know about filing your taxes:

1. The due date for filing your tax return is typically April 15 if you’re a calendar year filer.
2. You can request a six-month extension by filing Form 4868.
3. If you owe money to the IRS, you should file your tax return as soon as possible.
4. The fastest and most accurate way to file your tax return is to file electronically.
5. If you’re waiting for a tax refund, the fastest way to get your money is to have it electronically deposited into your bank account.
6. Don’t let a looming tax deadline force you to rush through the tax filing process and make a mistake on your return. Simply request an extension.
7. Mistakes happen – if you need to amend your return, you can use Form 1040-X.
8. To avoid delays, make sure you only file Form 1040-X after your original Form 1040 has been accepted.
9. The last day to file taxes for individual federal income tax returns is usually April 15 unless this falls on a Saturday, Sunday or official holiday.
10. Some state-level holidays can extend the tax deadline by another day 🎉

What you need to know about the third coronavirus relief package, the tax filing deadline, and other important tax deadlines for 2023. If you miss a deadline, you have options depending on the situation. The fastest and most accurate way to file your tax return is electronically. You can also request an extension if needed 💡

Statistics show that every tax deadline is important to know.

• The due date for filing your tax return is typically April 15 if you’re a calendar year filer.
• Generally, most individuals are calendar year filers.
• For individuals, the last day to file your 2022 taxes without an extension is April 18, 2023, unless extended because of a state holiday.
• If you have a business that operates on a fiscal year basis, your return is typically due on or before the 15th day of the third or fourth month (depending on the type of business entity) after the close of your fiscal year.
• The last day to do taxes isn’t the only important tax deadline to know, however. There are several other important tax deadlines you should know for 2023.

Why should you file your taxes on time?

If you miss the tax filing deadline, you will be charged interest, failure to file penalties and failure to pay penalties by the IRS. You can avoid these penalties by filing your return as soon as possible.

If you can’t afford to pay the amount due on the day you need to file your tax return, you can request an extension. The IRS typically grants a six-month extension of the tax filing deadline to anyone who requests it.

What if I made a mistake and need to re-file my taxes?

Mistakes happen. You file your tax return, then realize you forgot to report some income or claim a certain tax credit. You typically don’t need to redo your whole return. Along with filing an amendment using Form 1040-X, you’ll also need to include copies of any forms and/or schedules that you’re changing or didn’t include with your original return.

If you’re filing a Form 1040-X to correct an error on your original return, you’ll need to file within three years after the date you filed your original return.

What’s the fastest way to file my tax return?

The fastest and most accurate way to file your tax return is to file electronically. 

E-filing your tax return with the IRS is more secure than paper filing.

By going paperless, you don’t have to worry about losing your tax return or getting it late. This makes filing taxes much more convenient.

You will receive confirmation that the IRS has received your return and is starting to process it.

The fastest way to get your money back if you’re waiting for a tax refund is to have it electronically deposited into your bank account.

Typically, the IRS issues 90% of refunds in under 21 days when taxpayers file electronically. They can even issue a refund the same day you submit your tax return.

In Conclusion

Tax Season is around the corner, and if you don’t plan ahead, you could miss important deadlines.

You need to keep in mind that you can still get it done with a little planning and foresight.

Start planning now! If you are a CPA firm or an EA and would like to outsource your tax preparation services, drop us a line. Let our experts assist you with your clients tax preparation services.

Click here to schedule an appointment. 

Source: Every Tax Deadline You Need To Know – TurboTax Tax Tips & Videos (intuit.com)