Tax Season 2023: When and How to File
Tax season 2023 is here, so it’s time to start filing your tax return. Whether you like to file early or wait until the final day, here is everything you need to know about tax season this year.
When Does Tax Season Start in 2023?
Tax season is well on its way, having started on January 23rd. The IRS predicts more than 168 million people within the United States will file a tax return this year, with a vast majority of people completing theirs near the final filing date.
When is the Last Day to File a Tax Return in 2023?
The IRS has set the last day to file your tax return in 2023 to April 18th. While the pandemic impacted the previous three tax seasons, the IRS expects this year to be a smoother process thanks to the passage of the Inflation Reduction Act. The act provided funding for the agency to improve its services and technology and hire more than 5,000 telephone assistors as well as in-person staff. As a result, they expect service to be a more positive experience for taxpayers throughout the United States.
What Do You Need to File a Tax Return?
When preparing to file your tax return, you will need specific documents depending on your situation.
Knowing your personal information is mandatory when filing a tax return. All taxpayers should know their tax identification numbers, including their social security number or tax ID number, identity protection pin if issued to them, and date of birth. It’s also essential to have your routing and account information available so you can receive your refund in full or pay an outstanding balance.
In addition to knowing your personal information, if you have dependents associated with you, you’ll need to know their tax identification numbers, income, and income source. Also, you’ll need to have childcare records if required.
Income Source Information
To properly file a tax return, you must know your income source(s). Depending on your situation, this can range from the W-2 your employer gives you to the rental, self-employed, investment, and retirement income documents. It’s vital to keep track of your sources of income as it will help you determine what forms you need when filing.
Credits & Deduction Information
Depending on your situation, you may be eligible for tax credits and deductions when filing your tax return. It’s important to understand that deductions reduce the amount of your income before you calculate the tax owed, and credits reduce the amount of tax owed.
To determine what credits and deductions you can claim, visit the IRS for more information.
How to File Your Tax Return
- Have your tax information readily available
- Determine your filing status
- Choose to file online, through the mail, or with a tax accountant like Tobin & Collins
- Decide if you want to itemize deductions or take the standard deduction
- Make a tax payment or apply for a payment plan if you owe money
- File your taxes by the deadline of April 18th
When Will You Receive Your Tax Return
Once you’ve filed, how long will it take to receive your tax return? This is dependent on how you file. For instance, if you file online, you should receive your refund in about three weeks. If you choose to have it directly deposited into your account, it may be faster.
When you file through the mail, it may take longer for you to receive your tax refund. The IRS states processing your return could take anywhere from 6 to 8 weeks.
File Your Tax Return in NJ with Tobin & Collins
Make tax season 2023 a breeze with the help of Tobin & Collins. Our expert tax professionals offer comprehensive tax solutions, dedicated customer service, and knowledgeable tax advice to help you get the most out of your tax return. Contact us to get started today!