What you need to know about this year’s Tax Day and how it could affect your tax returns

What you need to know about this year’s Tax Day that could affect your tax returns

Tax Day in 2023 will be on April 18th. This is because April 15th, which is typically the deadline for filing taxes, falls on a Saturday in 2023, and the following Monday is a holiday (Emancipation Day) in Washington D.C., which pushes the deadline to the following Tuesday.

Here are some important things to know about this year’s Tax Day:

1 – The deadline for filing federal income tax returns is April 18th, 2023.

2 – If you need more time to file your return, you can request an extension until October 16th, 2023. However, this only extends the time to file your return, not the time to pay any taxes owed. You must still pay any taxes owed by April 18th, 2023, to avoid penalties and interest.

3 – The IRS recommends filing your tax return electronically, as it can be processed more quickly and accurately than a paper return.

4 – The standard deduction for the tax year 2023 will be $12,750 for single taxpayers and $25,500 for married taxpayers filing jointly.

5 – Taxpayers who are eligible for the Earned Income Tax Credit (EITC) may need to provide additional documentation to claim the credit, such as proof of income and residency.

6 – The IRS has announced that it will continue to focus on combating tax fraud and identity theft. Taxpayers should protect their personal information and file their returns accurately and on time.

7 – If you have questions or need assistance with your taxes, you can contact the IRS or seek the help of a qualified tax professional.

** This article is intended to be used solely for educational and informational purposes and is not to be understood as legal advice or any offer to provide legal advice.

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