If you like to file your taxes early, the Internal Revenue Service announced on Monday (8) that it will begin accepting federal income tax returns for 2023 starting on Monday, January 29.
If you are among those who are not in a hurry to file, make sure to submit your return and pay any taxes owed by the filing deadline, which is Monday, April 15, for individuals.
Some taxpayers, however, will have an extended deadline. Residents of Maine and Massachusetts, for example, will have until April 17 to file their returns due to the observance of San Patrick Day and Emancipation Day holidays in those states.
And anyone living or doing business in a federally declared disaster area may file later. For instance, if you were affected by the storms and tornadoes that began on December 9 in parts of Tennessee, you will have until June 17, 2024, to file and pay what you owe.
And if you, regardless of the state you are in, cannot submit your return by mid-April, be sure to request an automatic six-month extension to avoid late filing penalties. But remember, if you have taxes due, you need to pay what you owe by the deadline. The extension applies only to the filing of the return. Any payment made after the deadline will incur interest and penalties.
And when will refunds come?
Most American taxpayers typically receive a refund. And the IRS generally issues them within 21 days after receiving the return.
Last year, of the more than 160 million returns filed, the IRS issued nearly 105 million refunds. The average refund was $3,054, according to IRS data.
To find out how quickly you are likely to receive your refund after filing your return, use the “Where’s My Refund” tool on the IRS website: https://www.irs.gov/refunds
Source: Abc7.com