There are four important dates you need to put on your 2023 calendar related to filing your income tax return this year:
- January 23rd
- January 31st
- April 18th
Here’s the significance of each:
January 23rd: according to the IRS, January 23rd is the official start of the 2023 income tax season. On this date, taxpayers can begin submitting their 2022 tax returns.
January 31st: the last day employers have to get W-2s out to their employees.
April 18th: the deadline to file your 2022 personal income tax return. The deadline is typically on April 15th, but the 15th falls on a Saturday this year, so the due date was pushed to the 18th.
ASAP: there’s no such date on your calendar, so make a mental note of this one: file your taxes as soon as possible.
There are many reasons not to procrastinate and wait until midnight on the 15th to file your tax return. Here are five good ones:
- You get your refund sooner (if you have one coming your way)
- You have more time to save money to pay your tax bill on April 18th (if you owe money)
- You stand a better chance of your return being processed quicker before the IRS gets backed up and refunds are delayed
- Your tax professional isn’t exhausted when you file earlier and is less prone to making errors on your return
- Your stress level is lower when you file early during tax season
So, when are you going to file your 2022 tax return?
If you don’t get your calendar out right now, the chances are you’re a procrastinator who’s going to be scurrying at the last minute to get their return submitted to avoid a late-filing penalty.
If you are a conscientious scheduler of important dates and events, how about choosing March 1st as your filing deadline? It gives you plenty of time to assemble your documents, get on your tax-preparer’s calendar, or buy your software to complete and file your own tax return.