Your tax deadline is approaching, but you have a little more time this year. Instead of April 15, tax registrants will have a few extra days to complete their calculations.
Tuesday, April 18 is the deadline for filing taxes for the majority of Americans. Normally, April 15 is Tax Day, but because April 15 is a Saturday this year, the deadline is different.
Monday, April 17, is Emancipation Day in Washington, D.C., which is why the date for 2023 has been set for April 18. Here are some more things you need to know as you get ready to file your taxes.
What should I know about taxes before I file? This tax season, the IRS thinks that more than 168 million individual tax returns will be made.
The Illinois Certified Public Accountant Society, or CPA Society, has given taxpayers a couple of tips to make filing their taxes easier and faster. Tax season can be stressful for many people.
Before starting your tax return, the Illinois CPA Society recommends that people gather all the necessary information, such as their Social Security numbers, Individual Taxpayer Identification Numbers, and Adoption Taxpayer Identification Numbers.
Those who have been victims of tax-related identity theft should also have their Identity Protection Personal Identification Numbers, which were given to them by the IRS. Before filing, taxpayers who have already asked for a PIN should also have it on hand.
The Illinois CPA Society says that for some taxpayers, this may mean waiting until mid-February or early March to make sure that all income and tax-related papers have been received.
These include 1099 forms from banks and other payers that list unemployment benefits, dividends, pension, annuity, or retirement plan payments, investment income, and other earned income.
The Illinois CPA Society says that filing online and using direct deposit are both important ways to make sure that your tax return and refund are processed quickly.
The IRS has told taxpayers to avoid filing paper returns as much as possible. It has also been said that filing a tax return online is the fastest, easiest, and safest way to do so.
IDOR Director David Harris said in a statement (as reported by NBC Chicago) –
“Taxpayers are encouraged to file electronically as early as possible in the tax season and choose direct deposit in order to ensure the fastest processing and issuance of any refunds.”
“I encourage taxpayers to try My Tax Illinois, our free online account management program that has been recently updated and allows taxpayers to file their individual income taxes electronically. Electronic filing is also available through third-party software or with most tax preparers.”
Can I ask for a little more time to pay my taxes? Most people have until April 18 to file their taxes, but if they ask for more time, they have until October 16 to do so. If taxes are due, though, they must be paid in full by April 18.
When will I get my money back? The IRS says that if there are no problems with the return, taxpayers who file online and use direct deposit should get their refunds within 21 business days.
Due to the Protecting Americans From Tax Hikes Act of 2015, tax refunds that include the Earned Income Tax Credit or the Additional Child Tax Credit cannot be given to taxpayers before mid-February.
This gives the IRS more time to make sure that no fraudulent refunds are given. The IDOR has a page called “Where’s My Refund?” that lets people in Illinois check on the progress of their refund.
Why could my tax return be less this year? The IRS said in a November release “Refunds may be smaller in 2023.”
“Taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no economic impact payments for 2022. In addition, taxpayers who don’t itemize and take the standard deduction, won’t be able to deduct their charitable contributions.”
Also, the amounts of the Child Tax Credit and the Dependent Care Credit change every year, and this year is no different.
