Everything You Need to Know About the 2023 Tax Season

How To File Taxes You should receive your tax refund within 21 days if you file electronically, but it typically takes longer if you file a paper return. Tax Season Deadlines • Jan. 23 - Tax season begins as IRS starts accepting and processing tax returns • April 3 - People who turned 72 in 2022 must take their first required minimum distribution (RMD) • April 18 - Federal income tax deadline for most Americans • April 18 - Contributions to IRAS, HSAs, Solo 401(k) plans or SEP plans • April 18 - Withdrawal of excess 2022 IRA contributions (to avoid penalties) • Dec. 31 - People who turn 73 or older in 2023 must take RMD Who Has To File Income Taxes? Not everyone has to file an income tax return every year You may not be required to file taxes if your income for the year falls below certain thresholds Typically, if your income was from Social Security benefits alone, you shouldn't have to file a tax return. But there are some exceptions. STEP 1 Gather Your Documents Make sure you have all your tax forms and records handy. STEP 2 Select Your Filing Status • Single • Married Filing Jointly • Married Filing Separately • Qualifying Widow(er) • Head of Household STEP 3 Choose the Standard Deduction or Itemized Deductions Determine if the standard deduction will save you more on your tax bill than itemizing your deductions. STEP 4 Decide How You Want To Do Your Taxes • Hire a professional • Use tax software • Do it yourself STEP 5 Choose How To File Your Taxes • File electronically • File by mail Preparing Your Taxes Do It Yourself •Fill out the tax forms by yourself. Online or Software •There are free and paid options, depending on your needs. Working with a Tax Preparer • Let a professional prepare your taxes. Filing Your Taxes Electronically • Preferred by the IRS for a faster refund. Mail Paper Forms •Can take longer to get a refund. Tax Deductions vs. Tax Credits Tax Deduction • Lowers your taxable income and can give you a larger refund on the money withheld from your paycheck. Tax Credit • Reduces your tax bill by a specific dollar amount and is generally more favorable than tax deductions. • Can be refundable, partially refundable or nonrefundable. PRO TIP: If you owe taxes, the IRS offers several payment options. You can pay your tax bill immediately, later in one lump sum or arrange installment payments.