2023 is underway, which means tax season begins.
The IRS isn’t officially accepting 2022 returns yet, but it’s not too early to start gathering your paperwork.
This filing season is the first to benefit from the Inflation Reduction Act, which was passed in August and provided the IRS with additional staff and resources.
“We’ve trained thousands of new employees to answer the phones and help people,” Acting IRS Commissioner Doug O’Donnell said in a Jan. 12 statement. “While there is much work to be done after several difficult years, we expect people to experience improvements this fiscal season.”
Here are important dates for the 2022 tax season, including when federal and state taxes are due, how early you can file your income taxes, and when you can expect a refund.
For more information on tax returns, learn howand how to file on your phone.
What is the deadline for filing 2022 tax returns?
The IRS says it expects to receive more than 168 million individual tax returns this year. The filing deadline for most Americans is Tuesday, April 18, 2023. That’s because April 15 is a Saturday and the next business day, April 17, is a recognized holiday, Emancipation Day, in Washington, d.c.
According to the IRS, “by law, Washington, DC holidays affect tax deadlines for everyone in the same way as federal holidays.”
California residents affected by severe storms have until May 15 to file their taxes.
If you are serving in the military overseas, including in a combat zone or as part of a contingency operation in support of the United States Armed Forces, you may have additional time to file your return.
When are state taxes due?
Of the 41 states that levy income tax, most are sticking to the April 18 deadline. There are some exceptions.
Nine states (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming) have no state income taxes.
Check with your state’s department of revenue for the most up-to-date information and deadlines.
What is the deadline if I request an extension?
Taxpayers requesting an extension will have until October 16, 2023 to file their 2022 return.
However, filing an extension does not delay the payment deadline. You should still send everything you owe on time to avoid late penalties. An extension just gives you more time to complete your return.
How early can I file my 2022 taxes?
The IRS typically begins accepting and processing returns in late January. This year’s start date for individual filers is Monday 23 January.
Employers are required to provide workers with W-2 and 1099 income tax forms by January 31.
Should I file my taxes early?
If you have all your paperwork in order and you’re getting a refund, it makes sense to file as soon as possible, said Joe Burhmann, senior financial planning consultant at eMoney Advisor. “From a planning perspective, the IRS likes that.”
However, if you owe money, you might want to wait a bit.
“It gives you a little more time to hold onto your money,” Burhmann said. “And it gives you time to figure out how to pay, whether that means getting a loan, putting it on credit cards or something else.”
Even if you’re not filing right away, you should prepare your taxes as soon as possible.
“Knowledge is always good to have,” Burhmann said. “Make sure you have your 1099 and know what you’re dealing with.”
When can I expect my refund?
Once the IRS starts accepting refunds, the agency says taxpayers who file their refund electronically can expect it within 21 days if they choose direct deposit and there are no issues with their refund.
By law, the agency cannot issue refunds involving the Earned Income Tax Credit or the Additional Child Tax Credit before mid-February, in order to prevent fraudulent refunds from being issued.
When is the IRS free file available?
IRS Free File, a partnership between the IRS and major tax software companies, is traditionally available in January. The program allows taxpayers who meet a certain income threshold to file an electronic return for free, using software provided by participating providers. (Last year, the salary cap was $72,000.)
Free file typically begins before tax season officially begins, so partner businesses retain completed returns until they can be filed electronically with the IRS.
For more information on taxes, learn about the changes in the law that could affect your tax refund and find out which ones.