Some penalties, like failure to pay, as well as interest, may also have separate assessment dates. That means you could have multiple assessment dates for the same return since a new assessment date would apply to the increased amount of tax. And if you’re looking at your tax bill and wondering how you might be able to avoid a similar result next year, maybe it’s time to reconsider asset location.
You can also have itemized deductions, the Child Tax Credit and other tax benefits reflected in your withholding. To be considered taxable, a return had to have a positive income tax liability after accounting for all credits. A nontaxable return, on the other hand, could have either a zero or negative income tax liability after accounting for all credits, including refundable credits. tax season And finally, there are some instances where even if you file a complete and accurate tax return, you can still expect a delay concerning your tax refund. For starters, the IRS may require additional time to review your tax return to safeguard against identity theft. From time to time, the IRS may perform a security review to combat tax refund fraud, which also may cause a delay.
Key filing season dates
Businesses that hire independent contractors must send these “nonemployees” Form 1099-NEC. This form replaced 1099-MISC, which remains in effect for income received from rent and prizes, among other sources. You will, however, need to estimate your tax liability, even if you haven’t calculated it. And you’ll have to pay any owed taxes on that estimate by the regular deadline.
While the IRS has not yet announced the official date it will first begin to accept and process returns. In previous years, that date has typically fallen in the late stages of January. “IRS employees are working hard to make sure that new funding is used to help taxpayers by making the process of preparing and filing taxes easier,” said IRS commissioner Danny Werfel in a statement. The IRS says taxpayers will continue to see improvements following the success of the 2023 tax season. Some upgrades included expanded in-person service at its Taxpayer Assistance Centers and increased help available on the toll-free lines.
tax filing season opens Jan. 29
Even if you don’t file early, there are reasons to begin preparation as soon as you can. Many taxpayers wait to file until just before the deadline, but there is no need to put it off until the last minute. Indeed, filing an early tax return can make sense for a variety of reasons. The child tax credit, for example, will return to its normal rate this year after a big boost for the 2021 tax year.
- These numbers are a bit skewed compared to other years because they include temporary provisions that offset the economic impact of the Covid-19 pandemic.
- You may want to assess your tax withholding to ensure you pay enough in taxes throughout the year so that you don’t owe taxes come tax season.
- The IRS encourages individuals to have all the information they need before filing a complete and accurate return.
- For example, if you expect a tax refund of $3,000, you can choose to have $1,500 deposited separately into your checking and savings accounts.
- If you’re a freelancer, an independent contractor, or earn income from other sources outside of a traditional job, you should have received a 1099 tax form by Feb. 15.
Eligible taxpayers can use MilTax to electronically file a federal tax return and up to three state returns for free. IRS Free File will open January 13 when participating providers will accept completed returns and hold them until they can be filed electronically with the IRS. Many commercial tax preparation software companies and tax professionals will also be accepting and preparing tax returns before January 23 to submit the returns when the IRS systems open.
