Tax Return Extended Deadline 2023
The Internal Revenue Service (IRS) announced the extension of the tax return deadline for the 2023 fiscal year. This extended deadline is designed to give taxpayers extra time to file their taxes, as well as to make sure they are able to submit accurate returns. The new deadline is June 15, 2023. The IRS has also announced some key changes in the filing process and the types of deductions and credits available.
Why was the Tax Return Deadline Extended?
The primary reason for extending the tax return deadline is to allow taxpayers more time to accurately and thoroughly complete their returns. Taxpayers have had to adjust to a wide range of changes in the tax law, including the introduction of the Tax Cuts and Jobs Act and the elimination of certain deductions and credits. By extending the deadline, taxpayers can take the time they need to ensure they are filing their taxes correctly.
What Changes Have Been Made to the Filing Process?
The IRS has made several changes to the filing process to make it easier for taxpayers. For example, the IRS has simplified the process for taxpayers to claim the Child Tax Credit. The IRS has also changed the filing process for self-employed individuals, allowing them to file their taxes using the simplified 1040-SR form. Additionally, the IRS has launched an online portal that allows taxpayers to file their taxes online and receive their refunds quickly.
What Deductions and Credits are Available?
The IRS has a variety of deductions and credits available to taxpayers. Some of the most popular credits include the Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit. Additionally, for businesses, there are deductions for expenses related to the operation of the business, such as wages, rent, and supplies.
How Do I Prepare for Filing My Tax Return?
In order to get the most out of filing your taxes, it’s important to be prepared. Make sure to save all of your income statements, W-2s, 1099s, and other documents related to your income. Additionally, it’s important to be aware of any changes in the tax law that may affect your filing. Finally, it’s important to be aware of any deductions or credits you may be eligible for.
Will I Receive a Penalty if I File After the Deadline?
Yes. If you file your tax return after the deadline, you may be subject to penalties. The amount of the penalty will depend on how much time has passed since the due date. The IRS also reserves the right to charge interest on any unpaid taxes.
What Should I Do if I Can't File by the Deadline?
If you are unable to file your taxes by the deadline, it is important to contact the IRS. The IRS can provide you with guidance on how to proceed and can help you avoid any potential penalties. Additionally, the IRS may be able to extend the deadline for you if you can provide proof of extenuating circumstances.
Conclusion
The IRS has extended the tax return deadline for the 2023 fiscal year to June 15, 2023. This extended deadline is designed to give taxpayers extra time to file their taxes accurately and make sure they are claiming all of the deductions and credits they are eligible for. Additionally, the IRS has made changes to the filing process and the types of deductions and credits available. If you are unable to file your taxes by the deadline, it is important to contact the IRS for guidance.