It’s that time of the year again – tax season! While it may not be the most exciting time, preparing in advance can save you from future tax-related headaches. Here’s a simplified guide to ensure you have a stress-free tax season in 2023.
Tax Season Made Easy: Key Dates, Free Filing Tips, and Quick Refund Insights for a Stress-Free 2023!
First things first, mark April 15 on your calendar – that’s the deadline for both federal and New York state income taxes. If you need more time, file for an extension using Form 4868 for federal taxes and Form IT-201 for state taxes.
Fill out Form 1040 online or submit a physical copy to file your federal income taxes. Using the IRS website, you can file for free in 2023 if your income was $73,000 or less. The cap for free online filing in New York is $79,000.
Received your W-2 form yet? Employers must provide it by Jan. 31. It details your yearly wages and tax withholdings.
Now, the burning question: when will you get your tax refund? The IRS aims to issue most refunds via direct deposit within 21 days. However, certain factors can cause delays, such as claiming specific credits or having existing debts to the government. Check your refund status using the “Where’s My Refund?” tool for a stress-free tax season.
READ ALSO: Federal Government Of South Africa Implemented Public Servant Salary Increase By 7.5% In Annual Wage On February 2024
Master Your Finances in 2023: Navigate Your Tax Bracket and Key Dates for a Stress-Free Tax Season!
Are you curious what your tax bracket is? Based on your income, the IRS has modified them for 2023 and they now range from 10% to 37%.
Remember these crucial dates: if you reached 73 in 2023, take your mandatory minimum distribution by April 1; if you filed Form W-4 by February 15 to recover withholding exemptions; and if you made contributions to your IRA and HSA by April 15 for the 2023 tax year, don’t miss these dates.
In conclusion, stay ahead of the game by being informed of important dates, using free filing services, and recognizing deadlines. Use this easy tax season stress-free strategy to make tax season a breeze!