The IRS reminds taxpayers that the new Tax Day is coming soon. As you know, it is always best to have the necessary information to sort things out as soon as possible. There are just a few days ahead of the new tax-filing season. So, it is high time you prepared all the necessary documents and information you need to gather. Putting it off will not make it any better. So you had better get ready now.
Bear in mind that skipping the deadline may imply a penalty charge. It is something you would rather avoid. Take your agenda and save this date. January 23 is the first day to file your tax return. The sooner you deal with it, the faster you can forget about it and hopefully get a tax refund. On the other hand, if you are not going to do it on the very first day, you should also set an alarm not to forget the new deadline.
The last day to file your tax return is April 18, 2023. There is plenty of time to plan everything and carry out this duty. It is very important to pay taxes when they are due or file on time. However, there might be personal issues that could prevent you from doing it on time. So, you could apply for an extension. If you apply for it you will have until October 16, 2023, to file your tax return.
Are tax refunds going to be higher or smaller than the previous one?
Tax refunds could be much lower since many of the credits taxpayers got due to the pandemic are over. It is more than likely that many get a tax refund but it cannot be compared to the previous amounts. The average taxpayer got as much as $3,200 last year according to the Internal Revenue Service. High inflation is making the financial situation of many Americans difficult.
Nonetheless, now that they may need a higher tax refund it will be lower perhaps. Mane US citizens prefer to get some help from a tax consultant. They could receive helpful advice on the ways they could get a higher tax refund. There are also some taxpayers who rush and file it as soon as they can. Unfortunately, some forget to benefit from a deduction or a credit. Other times they do not attach the necessary documents.
Why not prepare a checklist in order to do it correctly? In this way, you can avoid mistakes as well as delays. According to the IRS, once you have filed your tax return, you may get your refund within 21 days. It will not take long but for some, it might seem an eternity if they really need that money. If you want to know what the tax return status is check it here.
Avoid tax scams
During tax filing season we may encounter certain problems related to scammers. We should not let our guard down in this regard, as they may try to take advantage of the situation. If we do not know how to do the return by ourselves, we should seek help from a professional, but we always have to make sure that this professional is not a scammer.
Besides that, we should not give our data to any stranger. Of course, we should also not give a blank tax return form to our advisor. In order to know for sure if the advisor is trustworthy or not, you can make use of the IRS website.