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When Is Tax Season? Definition, Dates, and Deadlines

irs tax season

The status provides for a larger standard deduction and more generous tax rates, according to H&R Block. For 2023, it’s $1,850 if you are single or filing as a head of household, and $1,500 for married taxpayers. The IRS states that most tax refunds are distributed within 21 calendar days of filing. You’ll get your refund fastest if you file early and get ahead of the procrastinators.

An easy way to file an extension is through IRS Free File on IRS.gov. All individual filers can use the program software to request an extension on Form 4868, Application for Automatic tax season Extension of Time to File U.S. Individual Income Tax Return, regardless of income. Taxpayers must estimate their tax liability and file by the deadline to receive the extension.

Biden unveils a budget that would cut costs for families and hike taxes for the rich

Most individuals and businesses start receiving the needed documents to fill out their tax forms in January. Therefore, tax season is usually considered to be between Jan. 1 and April 15. During the pandemic, taxpayers could claim an “above-the-line” deduction of up to $600 for charitable donations — even if they took a standard deduction rather than itemizing their deductions. Only those who itemize can now deduct charitable payments, and the adjusted gross income ceiling on charitable cash contributions is back to its usual 60 percent.

Interest and a late payment penalty will apply to any payments made after April 15. Making a payment, even a partial payment, will help limit penalty and interest charges. There are multiple ways to make electronic payments and there are options for a payment plan or an agreement with the IRS. Beginning Jan. 29, 2024, Free File Fillable forms, a part of this effort, is available at no cost to any income level and provides electronic forms that people can fill out and e-file themselves also at no cost.

Your Money

You will avoid the headache of the middle of the night stress over figures and receipts. Your accountant will have a more flexible schedule and will probably be able to start working on your accounts immediately. Also, by filing early, you will short-circuit would-be identity thieves. The IRS began accepting and processing 2022 tax year returns on Monday, Jan. 23, 2023.

  • “As our transformation efforts take hold, taxpayers will continue to see marked improvement in IRS operations in the upcoming filing season,” said IRS Commissioner Danny Werfel.
  • We follow strict guidelines to ensure that our editorial content is not influenced by advertisers.
  • That’s a $6,000 increase over last year’s income limit for the service.
  • If you plan to file directly, you might consider creating an account at IRS.gov/account, where you’ll find useful information about filing.
  • In terms of the federal budget, that’s counter-productive, since every dollar spent on tax enforcement returns $2 to $6 in additional revenue.
  • The IRS also announced in November tax refunds in 2023 could be smaller as taxpayers will not receive additional stimulus payments in their refund due to no Economic Impact Payments in 2022.

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