It’s never too early to think about taxes, especially if you expect a large refund. However, it is a little early to file your taxes.
Despite the fact that taxes are typically due on April 15, the date when the Internal Revenue Service begins processing electronically filed, or e-filed, tax returns varies from year to year.
Last year, for example, the agency began accepting individual returns on January 24. However, the IRS did not begin accepting e-filed returns until February 12, 2021. The 2021 start date was unusually late because the IRS wanted to give itself enough time to implement system changes to accommodate people who were eligible for stimulus checks, the Child Tax Credit, and other benefits.
When are the taxes for 2023 due?
Because April 15 is a Saturday and Emancipation Day, a holiday observed in Washington, D.C., is April 17, taxes are due by April 18, 2023.
How far in advance can I file my taxes for 2023?
Gathering key information such as your W-2 or 1099 forms can help you get a head start on preparing your tax return. And, while some third-party tax services may allow you to submit your taxes early, they will remain in the system until the IRS begins accepting returns for processing.
Your employer must send you your W-2 form by January 31. Most 1099 forms are also due by the end of January.
When does the IRS Free File portal open?
The IRS has not stated when its Free File system will be available.
IRS Free File allows you to file your federal taxes for free using either electronic fillable forms or IRS partnerships with private tax preparation services.
You may be eligible for free guided tax preparation services in 2022, depending on your adjusted gross income. The IRS has not announced the AGI thresholds for the 2022 tax year, but the threshold was $73,000 or less in 2021 last year.
IRS Free File usually becomes available before the IRS begins accepting and processing returns. Last year, for example, it opened on January 14. Keep checking back for the most up-to-date information on IRS Free File.
When are the estimated taxes for 2023 due?
If you earn income that is not subject to withholding taxes, you must usually make estimated tax payments to the IRS. This can be done quarterly or as a single annualised estimate. On April 18, the annualised estimate is due.
The following dates are the quarterly payments for 2023:
The first payment is due on April 18, 2023.
The second payment is due on June 15, 2023.
The third payment is due on September 15, 2023.
The fourth payment is due on January 16, 2024.