It’s that time of year again when we all start anew with fresh resolutions, fresh checkbooks, and fresh tax slates. With these new beginnings, however, comes the need to document what happened over the past year. For most Americans, that means preparing to file income taxes.
Are you ready to file your taxes for 2023? If not, don’t panic. You have plenty of time before the deadline, and you can prepare in advance for what’s changed with tax laws since last year. We’ll help guide you on everything you need to know to get started on your tax returns.
Individual Income Tax Return Filing Information for 2023
Individuals are expected to file their tax returns with the IRS and document exactly how much income they earned throughout the past year. To expedite the process, the IRS encourages electronic filing for those who are willing and able. So, after you organize all your financial records from 2023, consider creating an account at IRS.gov.
For 2023, the income tax return filing deadline is April 18.
Corporate or LLC Tax Return Filing Details for 2023
If you own a business, you might be wondering what the LLC tax return filing deadline will be for 2023. The IRS has set the same deadline for LLCs as for individuals. All returns will be due by April 18, 2023. Filing your returns as an LLC, however, will be more complicated. Before getting started, you’ll need to know whether you’re filing as an LLC partnership or an LLC corporation. The answer will determine which IRS form you’ll use to file. If you need assistance filing your LLC business taxes, consider consulting with a tax expert who can help.
Frequently Asked Tax Return Filing Questions for 2023
One of the most common tax FAQs for 2023 is, “What happens if you miss the filing deadline?” Well, if you’re late on your taxes, don’t panic. You may incur fees and penalties, but you can still get right by filing ASAP. Many taxpayers also wonder what happens if they owe more taxes than they can pay right away. If that’s the case, the IRS will work with you and help set up an installment plan so that you can pay your obligations and remain in good standing.
Documents Required for Filing Income Tax Returns
The documents required for filing income tax returns vary from person to person, depending on how you’ve earned your income. In general, you’ll want to gather the following:
- Your personal tax ID or social security number
- Your spouse’s details (name, SSN, date of birth)
- Information on any dependent(s) you have (names, SSNs, date of birth, childcare records)
- Bank account details if you want your refund via direct deposit
- Tax forms received from employers (W-2, 1099s, etc.)
- Records of expenses (business, educational, childcare, etc.)
- Documents reporting other income (retirement, rental, etc.)
- Proof of deductions (charitable contributions, medical expenses, etc.)
Many of these documents will only be needed in the event of an audit, but it’s still a good idea to gather them up in case you do need them at some point.
Are You Exempt from Filing an Income Tax Return?
If you’re earning a stable income in America, then you likely need to file an income tax return. There are a few exceptions to this general rule, though. In what cases are you exempt from filing an income tax return? You might be exempt if you’re single, under 65, don’t have any special circumstances, and earned less than $12,950 in 2022. If you receive Social Security benefits and that’s your only source of income, then you likely don’t need to file. If you fall anywhere else on the spectrum, you probably do need to file your tax returns.
Rules for Filing Joint Tax Returns
If you are currently married, you and your spouse can file your taxes together so long as you follow the rules for filing joint tax returns. In a nutshell, you’ll need to include both of your income levels, deductions, and credits on a combined return.
How to Extend Filing Tax Returns for 2023
If you aren’t prepared to file as the deadline approaches, we’re happy to let you know how to extend filing tax returns for 2023. All you need to do is file Form 4868 with the IRS to request an extension of time to file.
What’s the Last Date for Filing Individual Income Tax Returns for 2023?
One of the most common tax problems experienced by taxpayers is missing the deadline to file their returns. For 2023, the last date to file individual income tax returns is Tuesday, April 18, 2023.
What’s the Benefit of Filing a Child on a Tax Return?
The obvious benefit of filing a child on a tax return is that you’ll be eligible for the child tax credit. For 2023, the maximum benefit you can receive is $2,000 per qualifying child. If this number seems a little low to you, then it’s likely because this specific credit was boosted up to $3,600 during the pandemic, but it’s now going back to pre-2020 levels.
Understand the Benefit of Filing a Tax Return in 2023
The main benefit of filing a tax return is that you’ll remain in good standing with the IRS. While that may not seem like a huge perk, it can actually be invaluable. If you wrong the IRS, you’ll soon find out that they have a lot of recourse available. They can seize your property, freeze your bank accounts, and even garnish your paycheck! If you ever experience these negative consequences, get in touch with tax attorneys who can help you understand your rights and options. Depending on your situation, you might be able to stop collection efforts by agreeing to a payment plan with the IRS.
Another benefit of filing a tax return is that you may actually be able to get money back for doing so! In 2021, over half of taxpayers (57%) didn’t pay any income tax and instead received money back. You might be owed a refund and not even know it!
Do You Need Help With Your 2023 Taxes?
Clearly, everyone benefits when we collectively meet our tax obligations. For those individuals and businesses who will need to pay taxes, you’re helping support the country by fulfilling your obligations. What’s more, you’ll stay in good standing with the IRS, which means you won’t have to worry about any consequences coming your way.
However, the process can get complicated when you face nontraditional circumstances or have fallen behind on filing or paying your taxes. The good news is that our team of highly skilled tax experts can help you, regardless of how big or small your tax problems are. Contact us today to learn more.