Mark your calendars: Monday, January 23 is the official start of tax season.

That’s the day the Internal Revenue Service will begin to accept and process tax returns, the agency announced on Thursday.

“Many software providers and tax professionals are already accepting tax returns,” the IRS said in a statement. “They will transmit those returns to the IRS when the agency begins accepting tax returns on Jan. 23.”

The IRS said more than 168 million individual tax returns are expected to be filed this year “with the vast majority of those coming before the April 18 tax deadline.”

If there are no issues with your return, your refund should be delivered within 21 days if you file your return electronically and opt to have your refund directly deposited in your bank account, the IRS said.

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Last day to submit income taxes

Taxes are due by April 18 since April 15 falls on a Saturday and Emancipation Day, a holiday observed in Washington, D.C., is April 17.

California tax deadline

But if you live in parts of California that were impacted by the recent storms you’ll have until May 15 to file your federal individual and business taxes.

Tax extension deadline 2023

If you request an extension you’ll have until October 16 to file your return. Importantly that doesn’t buy you more time to pay your taxes. You’ll still have to pay any amount due to avoid penalties but you’ll have more time to complete your tax forms.

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How early can I file my taxes for 2023?

You can get a jump-start on preparing your tax return by gathering key information such as your W-2 or 1099 forms. And you may be able to submit your taxes early through some third-party tax services, but they’ll wait in the system until the IRS begins accepting returns for processing.

Deadline for employers to send W-2s to their employees

Your employer is required to send you your W-2 by Jan. 31. Most 1099 forms are due by the end of January as well.

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When does IRS Free File open?

IRS Free File will open on Jan. 13.

IRS Free File lets you file your federal taxes at no extra cost either through electronic fillable forms or through IRS partnerships with private tax preparation services.

If you had an adjusted gross income of $73,000 or less in 2022, you are eligible for free guided tax preparation services. The IRS also offers free fillable forms anyone can use regardless of income level.

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Be sure to regularly check this page for the latest information on IRS Free File.

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Quarterly tax due dates

If you earn income that isn’t subject to withholding taxes, you’re typically required to make estimated tax payments to the IRS. You can do this on a quarterly basis or through one annualized estimate. The annualized estimate is due on April 18.

The quarterly payments for 2023 are due by the following dates:

  • First payment: April 18.
  • Second payment: June 15.
  • Third payment: Sept. 15.
  • Fourth payment: Jan. 16, 2024.

Elisabeth Buchwald is a personal finance and markets correspondent for USA TODAY. You can follow her on Twitter @BuchElisabeth and sign up for our Daily Money newsletter here

Source By: usatoday