14Dec
Written by Ken Kramer. Posted in Blog
The 2023 Tax Season is starting early
The IRS is starting its tax filing season even earlier than it has in the past
The start of a new year always brings with it the anticipation of tax season. Many taxpayers are curious about when they can file their tax returns for the year 2023. According to the IRS, the estimated start date for filing 2023 taxes is January 18, 2024. It’s important to note that this date may be subject to change, but it’s unlikely to be pushed back.
The January 18 start date for individual tax return filers will allow the IRS time over the course of the coming weeks to do additional programming and testing that is critical to ensure that IRS systems will run smoothly this filing season and will help taxpayers claim the remainder of their Child Tax Credit and remaining stimulus funds in a timely manner when filing their 2023 returns.
File your returns as early as possible
Taxpayers who file their returns electronically and choose direct deposit for their refund can expect to receive their refund within 21 days of filing. This is a faster and more convenient option than waiting for a paper check to arrive in the mail. Wait until the last minute and your return will wait for processing in a very large pile of returns.
A general extension for the tax deadline is not expected this year
If additional time is needed to file a tax return, remember to file for an extension by April 15th, 2024. This extension will grant until October 15th, 2024, to file taxes without incurring late filing penalties. Certain areas covered by Federal Emergency Management Agency (FEMA) disaster declarations may have additional time to file.
Tips to make filing easier
To avoid processing delays and speed refunds, the IRS urges people to follow these steps:
Organize and gather 2023 tax records including Social Security numbers, Individual Taxpayer Identification Numbers, Adoption Taxpayer Identification Numbers, and this year’s Identity Protection Personal Identification Numbers valid for calendar year 2023.
Check IRS.gov for the latest tax information, including the latest on reconciling advance payments of the Child Tax Credit or claiming a Recovery Rebate Credit for missing stimulus payments.
Set up or log in securely at IRS.gov/account to access personal tax account information including balance, payments, and tax records including adjusted gross income.
Make final estimated tax payments for 2023 by Monday, Jan 15, 2024, to help avoid a tax-time bill and possible penalties.
Individuals can use a bank account, prepaid debit card or mobile app to use direct deposit and will need to provide routing and account numbers. Learn how to open an account at an FDIC-Insured bank or through the National Credit Union Locator Tool.
File a complete and accurate return electronically when ready and choose direct deposit for the quickest refund.
There are several important dates taxpayers should keep in mind for this year’s filing season. The list below doesn’t cover every tax deadline, merely the most important ones broadly relevant to these groups of taxpayers. For a comprehensive view of all the important tax deadlines applicable to each taxpayer, please visit IRS Publication 509.
Key filing season dates for Individual Filers – including employees, retirees, self-employed individuals and independent contractors
January 16,2024: 4th Quarter 2023 estimated tax payment due. If you’re self-employed or have other income without any tax withholding, and you make quarterly estimated tax payments, this is the due date for your final quarterly payment for the 2023 tax year.
January 18,2024: 2023 Tax season begins. Individual 2023 tax returns begin being accepted and processing begins.
January 31,2024: Employers send W-2s forms to employees and send certain 1099 forms.
Various 1099 forms, and forms 1099-NEC,1099-MISC, and 1099-K are used to report payments that typically don’t come from an employer, such as if you work as an independent contractor, gig worker, or self-employed person or if you receive income such as interest, dividends, prize winnings, rents, royalties, or brokerage account transactions.
February 15,2024: Reclaim your exemption from withholding. If you chose to claim an exemption from your employer withholding taxes from your paycheck last year by filing a Form W-4, you’ll need to re-file the form by this date. You would file this exemption request if you anticipate having no tax liability this year and had none in the previous year.
April 1,2024: Required minimum distribution due if you turned 73 in 2023. If you turned 73 in 2023, you have until April 1, 2024, to take your 2023 required minimum distribution (your first required distribution) from your retirement account. After passage of the SECURE Act 2.0 in 2022, if you turned 73 years old on or after 2022, you don’t need to take RMDs until you reach age 73.
April 15,2024: Tax Deadline. First quarter 2024 estimated tax payment due. The tax day deadline is also the last day to file Form 4868 requesting an extension to file your individual income tax return. If you won’t be ready to file your tax return by tax day, make sure you instead complete an extension request, granting you the ability to delay filing a completed return until October 16, 2023. But remember, even if you choose to file an extension, you are still required to pay any taxes you may owe by the April deadline. For individual income tax return filers, this also marks the final day to make contributions to your IRA or HSA for the 2023 tax year. After this date, you generally can’t make contributions for the previous tax year.
June 17, 2024: Second quarter 2024 estimated tax payment due.
September 16, 2024: Third quarter 2024 estimated tax payment due.
October 15,2024: Deadline to file your extended 2023 tax return. If you chose to file an extension request on your tax return, this is the due date for filing your tax return.
December 31,2024: Required minimum distributions have to be taken for individuals age 73 or older by the end of 2024.
January 15,2025: Fourth quarter 2024 estimated tax payment due. This represents the final quarterly estimated tax payment due for 2024. If you choose the option to pay 100% of your previous year’s tax liability, any unpaid taxes will be due when you file your 2024 individual tax return by the April 2025 deadline.
Key filing season dates for Businesses and Partnerships
January 15,2024: 4th Quarter 2023 estimated tax payment due.
January 18,2024: 2023 Tax season begins.
January 31,2024: Due date for employers to send W-2 forms. To ensure you’re able to complete your tax return on time, the IRS requires all employers to send you a W-2 no later than January 31 following the close of the tax year. Generally, this means W-2s get sent by January 31, but you won’t necessarily receive your form by this date.
March 15,2024: Taxes are due for some business types (partnerships, multi-member LLCs, and S-Corporations). Businesses organized as partnerships, including multi-member LLCs, and S-Corporations need to file Form 1065, or 1120S by March 15, 2024, if they are a calendar year business. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of March 15.
April 15,2024: Taxes for C-Corporations are due. Businesses organized as C-Corporations need to file form 1120 by April 15, 2024, if they are a calendar year business. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of in April.
September 16, 2024: Deadline for extended partnership and S-corporation returns.
October 15,2024: Deadline for extended C-corporation returns.
January 15,2025: Fourth quarter 2024 estimated tax payment due.
Insure you have the forms you need to file your taxes
The right options for easy wage and information reporting, inFORM Decisions offers tax forms in just about every paper median for all your tax season preparation needs. Forms packages are available for Computer Guidance, CMS, JDE, Peoplesoft, Oracle, Payroll for North America, Vertex Tax Technology, Thomson Reuters, Onesource, CDW Tax Service and more. W2, 1099, ACA, and many more are available as blank laser forms, pressure seal forms, continues forms, and more. Please call (800) 858-5544 or (949) 709-5838 Ext.123 to order your 2023 tax form paper and envelopes or email Erin at erin@informdecisions.com.
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