When Can I File My Taxes For 2023: Is It Good To File Early?

When can I file my taxes for 2023? You are never too late to think about filing your taxes, especially if you are looking for a refund. Although April 15 is when the Internal Revenue Service starts processing electronically filed or e-filed tax returns, it varies from year to year. Usually, January 3, 2023, is the first day to file your taxes. But if you do it this early, the IRS will not accept or process them. You also may not have all the forms that you need to complete the tax returns. Generally, the IRS accepts tax returns in the last week of January, with an official announcement mid-monthly. For instance, in 2022, the IRS announced the date on January 10 that it would start accepting tax files on January 24. 

How Can I Get The Fastest Return?

If you file your return as soon as possible, you can quickly get any refund you are eligible for. However, the quickest way to get a tax refund is to eFile and select to receive your payment via direct deposit. Plus, you get the option to split your deposit into three separate accounts.

Does Early Filing Protect You From Fraud?

Yes, early filing provides you with additional benefits and protects you from fraud. Tax fraud was very common before 2020, but the incidents have risen by 45% after the covid outbreak. Doing fraud is easier than someone may think. All you need to do is file a return in someone's name with their Social Security number before they do.

You can stop the fraudsters from completing the crime by getting the return ahead of them. If you have been a victim of tax identity theft, the IRS tells you to call them as soon as possible and file form 14039. Although, there is no permanent fix to tax identity theft. Hence, the best way is to avoid this situation by filing early.

Why Is It Necessary To Have All Tax Forms Before Filing?

When you file your return, it's extremely important to correctly report details from all tax forms like W-2 from your job, 1099-NEC forms for contract work, and 1099-G for unemployment income. These forms are known as information returns, and they are sent to taxpayers yearly by employers and financial institutions to report tax activity, with copies going to the IRS. The tax returns should match these forms assuming the details are accurate.

Once the IRS gets your income directly from reporting companies, the system automatically shows the mismatching returns. Hence, it's always better to wait and fill in the accurate details according to the experts. Otherwise, you will put yourself in trouble.

How Early Can I File Taxes For 2023?

You can prepare your tax return by collecting key information like your W-2 or 1-099 forms. Then, you can submit your taxes early via some third-party tax services. However, they will wait in the system until the IRS starts accepting returns for processing. The employer should send you a W-2 by January 31. Also, many 1099 forms are due by the end of January.

When Does The IRS Free File Open?

Well, the IRS doesn't confirm when the free file system will open. The IRS Free File allows you to file your federal taxes at no extra cost through electronic fillable forms or IRS partnerships with private tax preparation services. According to your adjusted gross income for 2022, you may qualify for free guided tax preparation services.

Conclusion

Now you learn 'when Can I file my taxes for 2023.' Ensure you file your tax as soon as possible and get lots of benefits. If you get a tax refund, try to invest it to grow your net worth. Also, Q.ai can help you make a portfolio that is compatible with your risk tolerance and investment goals. Make your money work for you and reap the desired financial results faster. Also, it is best to activate Portfolio Protection anytime to protect your profits and minimize your losses, irrespective of your industry.

FAQs

Is It Good To File Taxes Early?

Yes, if you file taxes early, you will not have to file an extension. Extensions are usually required due to disorganization. People who wait for the last date to file their returns need time for additional deductions and collect receipts.

Will I Receive A Bigger Tax Refund If I File Early?

People who file early will get a larger refund. This is because those who are filing near the deadlines are often busy completing their paperwork and may miss the profitable deductions or credits.

Which Is The Best Time To File Your Taxes?

The best time is typically before March 15. The tax software market is quite competitive, and providers may change their prices several times a year. Generally, in tax filing years, prices increase 30 days before the deadline.

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