How Early Can I File Taxes

The IRS has announced that it will begin accepting tax returns on January 23, 2023. While you may be eager to get your taxes done early, there are a few things you should keep in mind before filing.

When to File

The official deadline for filing your 2022 tax return and paying any taxes due is April 18, 2023. However, you can file for an automatic extension using Form 4868. An extension moves your filing deadline to October 16, 2023.

If you expect to receive 1099 forms for any miscellaneous income, such as payments from independent contracting work or investments, it is generally best to wait until you have received all of your forms before filing your tax return. This will help to ensure that your return is accurate and complete.

However, if you do not expect to receive any 1099 forms and you are otherwise ready to file, you can do so at any time on or after January 23, 2023.

Benefits of Filing Early

There are a few benefits to filing your taxes early. First, you will receive your tax refund sooner if you are due one. The IRS typically begins processing refunds within 21 days of receiving an e-filed return.

Second, filing early can help you to avoid any late filing penalties or interest. If you owe taxes and do not file your return by the deadline, you may be charged a late filing penalty of 5% of the unpaid taxes for each month the return is late, up to a maximum of 25%. You may also be charged interest on the unpaid taxes.

Getting Started

If you are ready to start filing your taxes, the first step is to gather all of your necessary documentation. This includes your W-2 forms from your employer(s), any 1099 forms you have received, and any other receipts or documentation related to your income and expenses.

Once you have gathered all of your documentation, you can begin to prepare your tax return. You can do this using a tax preparation software program, such as TurboTax or H&R Block, or you can complete your return manually using IRS forms.

If you are using a tax preparation software program, the software will guide you through the process of preparing your return and will help you to claim all of the deductions and credits to which you are eligible.

If you are completing your return manually, you can find instructions on how to do so on the IRS website.

Filing Your Return

Once you have completed your return, you can either file it electronically (e-file) or mail it to the IRS. E-filing is the fastest and most accurate way to file your return. To e-file, you will need to create an account with an IRS-approved e-file provider.

If you are mailing your return, be sure to send it to the correct address. The address will vary depending on your state of residence. You can find the correct address on the IRS website.

Tips for Filing Early

Here are a few tips for filing your taxes early:

• • Gather all of your necessary documentation early.
  • Use a tax preparation software program to help you prepare your return.
  • E-file your return to avoid delays.
  • If you owe taxes, make sure to pay them on time to avoid penalties and interest.

Conclusion

Filing your taxes early can offer a number of benefits, such as receiving your tax refund sooner and avoiding late filing penalties and interest. If you are ready to start filing your taxes, the first step is to gather all of your necessary documentation and then choose a tax preparation method.