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Tax season has officially begun.
Monday marks the first day the Internal Revenue Service will accept and process tax returns. If you’ve already completed your return either using tax software or working with a tax professional, the IRS will now be able to review your return.
The IRS said more than 168 million individual tax returns are expected to be filed this year “with the vast majority of those coming before the April 18 tax deadline.”
If your return contains no errors or red flags, your refund should be delivered within 21 days if you file electronically and opt to have the money directly deposited in your bank account, the IRS said. But it could take longer if the debt ceiling isn’t raised soon.
Filing taxes early is never a bad idea:It may even come with a chance to win money this year
Tax brackets 2023:Everything you need to know about them
When is the filing deadline for 2023?
Taxes are due by April 18 since April 15 falls on a Saturday and Emancipation Day, a holiday observed in Washington, D.C., is April 17.
Alabama, California, Georgia tax deadline
But if you live in parts of California, Alabama and Georgia affected by recent storms, you’ll have until May 15 to file your federal individual and business taxes.
Deadline for filing income tax returns that have received extensions
If you request an extension, you’ll have until October 16 to file your return. Importantly, that doesn’t buy you more time to pay your taxes. You’ll still have to pay any amount due to avoid penalties, but you’ll have more time to complete your tax forms.
FAQs on tax extensions:How to file one and more
1099, W-4, W-2, W-9, 1040:What are these forms used for when filing your taxes?
1099 deadline
If you’re a freelancer, independent contractor or earn income from other sources outside of a traditional job, you should receive a 1099 tax form by Feb. 15. The same applies to people who won at least $600 in prize money last year.
W-2 deadline
Your employer is required to send you a W-2 by Jan. 31.
Tax refunds:Americans could see smaller tax refunds in 2023, IRS warns. Here’s how to get every penny
IRS delays $600 1099-K reporting:Applies for people who earn money through Venmo, PayPal, CashApp and more
When does IRS Free File open?
IRS Free File opened on Jan. 13.
IRS Free File lets you file your federal taxes at no extra cost either through electronic fillable forms or through IRS partnerships with private tax-preparation services.
If you had an adjusted gross income of $73,000 or less in 2022, you are eligible for free guided tax preparation services. The IRS also offers free fillable forms anyone can use regardless of income level.
Be sure to regularly check this page for the latest information on IRS Free File.
Should we file taxes jointly or separately:A guide for couples who said ‘I do’ in 2022
This 2023 tax credit could help:Interested in purchasing an electric car?
Quarterly tax due dates
If you earn income that isn’t subject to withholding taxes, you’re typically required to make estimated tax payments to the IRS. You can do this on a quarterly basis or through one annualized estimate. The annualized estimate is due on April 18.
The quarterly payments for 2023 are due by the following dates:
- First payment: April 18.
- Second payment: June 15.
- Third payment: Sept. 15.
- Fourth payment: Jan. 16, 2024.
Elisabeth Buchwald is a personal finance and markets correspondent for USA TODAY. You can follow her on Twitter @BuchElisabeth and sign up for our Daily Money newsletter here
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