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Only a Few Months Left to File Your Taxes: Don’t Miss the April 18th Deadline!

Taxpayers in the United States have until April 18, 2023, to file their federal taxes electronically or postmarked to the Internal Revenue Service (IRS). That is according to a report released by the agency’s website. While the agency has not yet announced the start date for the 2022 filing season, it typically begins accepting tax returns in late January.

 

This year, taxpayers were able to start submitting their returns on January 24. According to a report published by The US Sun on December 12, 2022, the IRS has started advising filers to gather necessary documents and information to ensure smooth submissions early next year.

 

As the last quarterly payment for 2022 is due on January 17, the IRS recommends that filers consider making estimated or additional tax payments due to non-wage income, such as unemployment, self-employment, or digital assets. Taxpayers can use the IRS’s online Tax Withholding Estimator to determine if they will need to make another payment.

 

Based on the report by CNBC on December 2, 2022, there are several notable changes for the 2022 tax season, including changes to reporting income on the 1099-K form and the return of some tax credits to 2019 levels that were increased due to the coronavirus pandemic.

 

Taxpayers who do not file a return could face penalties, including a fine of 5% of unpaid taxes, which can increase to 25% depending on how late the return is filed.

 

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