The IRS will kick off the acceptance and processing of 2023 federal income tax returns come Monday, marking the beginning of the 2023 tax filing season. Though filing taxes might not be a favorite task, it’s a crucial one to avoid potential penalties. Guided Tax Software offers free online tax preparation and filing at an IRS partner site, specifically catering to qualifying taxpayers with an income of $79,000 or less for a free federal tax return.
To make the 2023 tax filing preparation experience smooth, efficient, and cost-effective, here are eight tips:
- Know Your Deadlines: April 15 is the general filing deadline, but extensions are available. Tax filers in Maine and Massachusetts have until April 17 due to local observances.
- Refer to Last Year’s Return: Your 2022 tax return serves as a useful reference for the documents you need this year, especially in today’s digital age where paper documents are often avoided.
- Assess Life Changes: Major life events in 2023, such as marriage, divorce, or home sales, can impact your tax liability. Check for significant differences and ensure accurate calculations.
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Check for 1099-K for Side Gigs: If you have a side business or gig, verify if you received a 1099-K from payment apps like Venmo.
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- Fill out Form 8962 for Health Insurance Credits: Those who received advanced premium tax credits for health insurance need to fill out Form 8962 using information from Form 1095-A.
- Stay Informed About Potential Tax Breaks: Keep an eye on Congress for potential increases in tax breaks, especially related to the Child Tax Credit and small business equipment deductions.
- Speed Up Your Refund: File accurately and opt for direct deposit to receive your refund faster, typically within 21 days.
- Explore Free Filing Options: If your income is $79,000 or less, you may qualify for free federal tax filing. The IRS’s Direct File pilot program also offers a direct option in certain states.READ
These tips aim to simplify the tax-filing process and enhance efficiency for individuals navigating the upcoming 2023 Tax Filing season
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