Lessons Learned from the Last Filing Season- What to do Next

It’s never too soon to start thinking about next year’s filing deadline. Below are just a few of the things you’ll want to keep in mind for 2023.

Next year’s tax filing deadline falls on Monday April 15

This year, the filing deadline is April 18 for most taxpayers, however, next year’s deadline falls on April 15. Taxpayers who are living abroad or are in the military and are serving overseas must file by October 15, 2023. Additionally, automatic extensions to file are available for anyone for free.

The fastest refunds come with e-filing. Filing a paper return will delay your refund

To avoid refund delays, the IRS encourages taxpayers to file their tax return electronically with direct deposit instead of submitting a paper tax return. Depending on the complexity of your return, you may be able to e-file yourself, online. On the other hand, business owners or taxpayers with complex returns may want to seek out the assistance of a tax professional. For more information about the benefits associated.

If you have questions and need to consult with the IRS, online resources are best

Anyone who has ever called the IRS knows that when you call in (especially if you’re calling in the middle of tax season), it’s not unusual to spend between 1-2 hours on hold. Suffice to say, if your question is simple, checking the IRS.gov website is the fastest and easiest way to get an answer. The IRS website also allows taxpayers to rack their refund status, pay taxes that are owed, file for a free tax extension, and/or to request a tax-installment payment plan. If your questions are a bit more complex, check with your tax professional before calling into the IRS. Your accountant, CPA, or enrolled agent may be able to provide you with the information that you need.

If you plan to file on your own, make sure your return is accurate

Lastly, if you’re going to file on your own using free (or paid) tax software, make sure your return is accurate. Be sure to check that you didn’t make mistakes when entering numerical figures, such as your income, social security number, and bank routing information. Double check to make sure your date of birth was entered correctly, and your street name is spelled correctly. Remember- mistakes can and will delay the filing of your return. If you’re owed a refund, mistakes will extend the amount of time it takes for your refund to be processed.

Do you have questions about how to prepare for the 2023 tax season? We can help. Call our office today to get started.