Are you already starting to feel the crunch of tax season, even though it’s still early in 2023? The filing deadline for taxes this year may seem far away, but now is an ideal time to start getting your finances in order. It can be difficult to know when and where to start preparing, especially if you’re new to filing taxes or have more complex financial situations. In this blog post, we’ll provide a comprehensive guide on when you should file taxes 2023 so that you can get organized and maximize your returns!
When Can I File My Taxes for 2023?
There is good news for taxpayers when it comes to filing their tax returns for the year 2023. For those who need to file a tax return, the filing season generally starts on January 3rd and ends on April 18th.
Your first tax filing day is technically January 3, 2023. The IRS will not accept or process them if you file that early. Also, you may not have your W-2 or 1099s for interest payments yet, so you may not be able to complete your tax return yet.
When the IRS announces that they will accept tax returns sometime in the middle of January, they are usually ready to receive them. A few years ago, the Internal Revenue Service announced that it would begin accepting tax returns from January 24, 2022 (the year of the 2021 tax filing).
Is There a Deadline for Filing Taxes in 2023?
In 2023, individuals and small businesses have until April 18 to file their federal taxes. You still owe taxes on income earned in 2022 if you haven’t filed your tax return yet. Different states have different deadlines for filing income taxes.
A completed extension request form gives you a new filing deadline of October 18 if you wish to file your federal return later. You can apply for a payment plan via the IRS website if you don’t have the money to pay off your bill by the April 18 deadline. There will be interest charges.
What is the Middle-Class Tax Refund?
The middle-class tax refunds are often the most affected financially, as they are not eligible for many tax breaks. However, there is good news- the federal government offers a tax refund specifically designed to help those in the middle class. This refund helps offset some of the higher taxes that these individuals have to pay on their income and can be a great source of relief for those struggling financially. The refund is available to anyone who earns less than $75,000 per year and meets the other requirements of the program.
To qualify for this refund you must have earned at least some income in the previous tax year and fill out a form to apply for it. This form can be found on the IRS website or from your tax preparer. Once your form is filled out and submitted, the IRS will review it and give you an answer on whether or not you qualify for the refund. They will then provide you with instructions on how to receive the money if approved. The amount of the refund varies depending on your income level and other factors, but could potentially be hundreds or even thousands of dollars depending on the situation.
Receiving this refund can be a great way to gain financial freedom and stability in your life. So if you are in the middle class, make sure to check out this tax refund and see if you qualify. You may be pleasantly surprised at what you find!
What is the Child Tax Credit 2023?
The Child Tax Credit 2023 is a federal tax credit designed to help lower-income families cover the costs associated with raising their children. The amount of the credit varies depending on your family size and income level, but it can be up to $1,000 per eligible child in 2021. It is available for any children that are under 17 years of age by the end of the tax year. The Child Tax Credit is a refundable credit, so if your family has paid more in taxes than they owe, they can get a refund for the difference.
To be eligible for the Child Tax Credit 2023, families must meet certain criteria regarding their income and filing status. In general, the credit is available for those with an adjusted gross income (AGI) lower than $200,000 or $400,000 if filing a joint return. Other requirements include that your child must be a citizen of the United States, have lived in your home for at least 6 months out of the year, and must not provide more than half of his or her own support.
Final Thoughts
File taxes 2023 can seem like an intimidating process but it doesn’t have to be! By knowing when you can file your 2023 taxes—as well as taking steps ahead of time—you’ll be prepared and ready when April 18th rolls around next year! With these tips under your belt, there’s no reason why you shouldn’t feel confident about tackling this task come January 3rd! So what are you waiting for? Start getting ready now!