No one really looks forward to tax season, but it’s important to know when you can file your taxes. For the average taxpayer, the window to file taxes is between January 1 and April 15 every year. All tax forms must be postmarked or electronically filed by April 15 in order to be considered valid and not risk having a late fee or penalty associated with the account.
Remember that taxes filed in 2023 are for the tax year of 2022. So your 2023 taxes are due April 15, 2024 in the United States. If you’re thinking “when can I file my 2023 taxes” and don’t think that you’ll be able to file your taxes in time, you can request a 6 month extension that will make your taxes due on October 15 instead. Keep in mind that if you have an amount that is due, the extension will not add to the deadline. The US operates on a “pay as you go” type of taxation system, which means your total amount due is required from you on April 15.
2023 Taxes Time
As with any set of rules, there are some exceptions that can change the timing of when you can file your 2023 taxes. Here is everything that you’ll need to know to make sure that you get your taxes filed on time.
1. Did You Get Your W-2?
Did you get your W-2 from your employer yet? You need this documentation before you can file your taxes. If you don’t have it yet, make sure to request it from your employer and give them time to respond. Your employer may be fined if they don’t provide you with this form, so it’s best to give them every chance to do so.
2. Don’t Forget the 1099
You may need to file a 1099 form even if you don’t realize it. The 1099 form is an indication of payments received for services rendered. If you pay someone more than $600 in a single tax year, you may need to fill out and send a 1099 tax form as a record of the payments made. There are a few exceptions to this rule, most notably rental or mortgage payments. So if you paid someone to mow your lawn and you paid them $625 for the season, you’ll likely need to fill out the 1099 before filing your taxes.
3. You’ve Got Lots of Forms
Waiting to file your taxes until all of your required tax forms come in the mail is a smart move. If you have mortgage interest, you’ll need the tax documentation for this to take the mortgage interest deductions. If you’ve made charitable donations, each charity will be sending you a tax form that shows the amount of the donation. Student loan interest is all deductible and comes on a separate form as well. Get all of these in hand and then you’ll be ready to file your taxes for 2023.
4. Track All Income Sources
Even if you don’t get a 1099 form or other tax document, you should still report the income on your tax forms. With a few exceptions, you have to report all the income you received during the year. You may need to look through your financial records to find payments you received, like large gifts from family or friends. If you don’t report all your income, you could get fined or penalized.
5. Early 401k Withdrawals
Just a heads up – if you take an early 401k withdrawal, you’ll need to report it as income on your taxes. And depending on how much you withdraw, you may also owe a penalty. So be sure to go over your financial paperwork carefully when you receive it. With a $10,000 withdrawal, for example, you could owe $2,500 or more in taxes and penalties.
6. Keep Those Receipts
Remember, your receipts will be your best friend when filing your 2023 taxes. Now is the time to get organized and separate your receipts based on what they’re for. If you have a home-based business, create two separate files for your personal and business receipts. This will make things a lot easier when tax season comes around. Even if you’re a sole proprietor, keeping your business and personal income separate will save you a lot of time and hassle.
7. You Can Always Come Back and File Again
There’s still time to re-file your taxes for previous years – even if you’re 2-3 years behind! This could be a way to get the most out of your refunds, or reduce the amount of taxes you owe. There are some really common deductions that people miss every year, like a home office exemption, job-related expenses that aren’t associated with your regular commute, and even the mortgage interest deduction. So it’s definitely worth taking the time to go through your older returns to make sure you’re not overpaying.
8. Be As Early As Possible
If you want to receive your refund faster, it’s generally best to file your taxes as early as possible. However, keep in mind that Congress can rewrite the tax code at any time. So even if you’re getting ready to file in January 2023, the tax code could be changed and you might have to wait to file until the laws are updated. In this case, it’s worth waiting because if you file using the old documentation and the code is changed, you’ll have to file your taxes again. This is where an e-filing system can really come in handy.
If you’re like most people, you’re probably anxious to get your taxes done. But don’t worry, there’s still time to get them done on time. By following these tips, you can file your taxes quickly and easily. So don’t wait any longer – start preparing today!