When to Start Filing Taxes for the 2023 Tax Year

## Key Dates and Deadlines The IRS has announced that the 2024 tax filing season will begin on Monday, January 29, 2024, when they start accepting and processing 2023 tax year returns. Here are the important deadlines: - **April 15, 2024**: Standard deadline for filing federal tax returns - **April 17, 2024**: Extended deadline for Maine and Massachusetts residents (due to Patriots' Day and Emancipation Day) - **October 15, 2024**: Deadline for those who file for an extension ## Benefits of Early Filing Filing your taxes early offers several advantages: - **Faster Refunds**: The IRS typically processes electronic returns and issues refunds within 21 days - **Identity Theft Prevention**: Early filing reduces the window of opportunity for fraudsters to file returns in your name - **More Time to Pay**: If you owe taxes, filing early gives you time to arrange payment options - **Reduced Stress**: Early filing helps avoid the pressure of meeting last-minute deadlines ## Required Documents and Preparation Before filing, gather these essential documents: 1. W-2 forms from employers 2. 1099 forms for contract work 3. Investment income statements 4. Mortgage interest statements 5. Charitable donation receipts 6. Medical expense receipts ### Organization Tips - Create a filing system for tax-related paperwork - Keep digital copies using secure cloud storage or encrypted drives - Maintain detailed records of income sources and deductible expenses ## Filing Options ### Electronic Filing The IRS strongly recommends e-filing because it: - Reduces errors - Provides faster processing - Offers confirmation of receipt - Enables direct deposit of refunds ### Free Filing Options Taxpayers with adjusted gross income of $73,000 or less can use [IRS Free File](https://www.irs.gov/filing/irs-free-file-do-your-taxes-for-free). ### Other Options - **Online Software**: Services like [TurboTax](https://turbotax.intuit.com/) or [H&R Block](https://www.hrblock.com/) - **Tax Professionals**: Especially helpful for complex situations - **Paper Filing**: Forms available on the [IRS Forms and Publications](https://www.irs.gov/forms-instructions) page ## Important Changes for 2023 > The standard deduction increased to $13,850 for single filers and $27,700 for married couples filing jointly. Tax brackets have been adjusted for inflation: | Filing Status | 10% Tax Rate | |---------------|--------------| | Single | $0-$11,000 | | Married Joint | $0-$22,000 | ## When to Consider Waiting Some situations where delaying your filing might be beneficial: * Waiting for important tax documents * Expecting corrected forms * Complex investment situations * Self-employed individuals gathering business expenses ## Extensions If you need more time, file Form 4868 by April 15 for an automatic extension until October 15, 2024. Remember that an extension of time to file is **not** an extension of time to pay any taxes owed. --- *For the most current information and updates, visit the [IRS website](https://www.irs.gov/).*

When to Start Filing Taxes for the 2023 Tax Year

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