When to File Taxes: Should You Always Try to Be Early?

The IRS’s Free File program, available only at IRS.gov, allows taxpayers who made $73,000 or less in 2022 to file their taxes electronically for free using brand-name software provided by commercial tax filing companies. Free File Fillable forms, a part of this effort, is available to any income level and provides free electronic forms that people fill out and file themselves also at no cost. At the same time, there are valid reasons why you can’t or might not want to file your taxes early. In some cases, you may be waiting to receive forms or documents that are crucial to filing your taxes. If you owe a balance due to the IRS, you may still have a good reason to file your tax return as soon as you can. If you submit your return in the middle of January, you do not have to pay taxes you owe until the filing deadline.

• Understanding these extension options ahead of time can provide some protection against a potential delay in filing taxes.
• With Live Full Service, we’ll start by asking you questions about your tax situation.
• People can also use IRS online account to view their Economic Impact Payment amounts.
• They are processed individually these days so returns sent in at the same time will not necessarily process together or in the order they are received.
• This can be done by using tax filing software or enlisting the help of a professional tax preparer.

TurboTax utilizes the TurboTax Tax Knowledge Engine, powered by machine learning and artificial intelligence, to guide taxpayers through the process of filing their taxes. This is a streamlined tax preparation option that guarantees less work for you. You will be matched with a tax expert based on your state and tax situation. Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. In some cases, you may need additional documents such as Social Security numbers for dependents and information about charitable donations.

No credit impact

The TurboTax system has been used by millions of people and helps take the stress away from doing your taxes without costing an arm and a leg. When I used a compound interest calculator, I was able to see how the money could grow over 18 years, especially if I continue to contribute to it monthly as planned. Be sure to read all instructions thoroughly and double-check calculations before entering them into software or sending off hard copies. Ultimately, though participants may have valid points on either side of this debate, as of now there is no indication that any substantive changes will be made to current deadlines. January 31, 2022) The first phaseout can reduce the Child Tax Credit down to $2,000 per child.

Whether you hand off your taxes, get expert help, or do it yourself, you can be confident that your tax return is covered. In 2020, a U.S. watchdog agency found that fewer than three percent of the 104 million U.S. taxpayers who could’ve filed free online returns through IRS Free File took advantage of the program. If you’re looking to e-file your federal return, then you may want to make IRS Free File your first stop. As CBS News noted, the IRS-backed program is the “only sure way” to file a free federal return. The fastest way to ensure prompt processing of your tax return, and a quick tax refund, is to file your return electronically and select the ‘Direct Deposit’ payment option. First, let’s get some basics out of the way like when you can file your return, when is the filing deadline for your 2022 tax return, and what the standard deduction is for this year.

How Can I Make Filing My Tax Return Easier?

Answer simple questions about your life and TurboTax Free Edition will take care of the rest. The Schedule K-1 is another tax form issued annually to report taxable activity when does turbotax start accepting resulting from ownership interests held in several types of “pass-through” business entities. The same delivery rule often applies to the many versions of the 1099 Form.

While for heads of households, the standard deduction will be $19,400, up $600. If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, send your th quarter estimated tax payment by January 16, 2024. If you are self-employed or have other third-quarter income that requires you to pay quarterly estimated taxes, send your rd quarterly estimated tax payment by September 15, 2023. If you are self-employed or have other second-quarter income that requires you to pay quarterly estimated taxes, send in your nd quarterly estimated tax payment by June 15, 2023. If you are self-employed or have other first-quarter income that requires you to pay quarterly estimated taxes, send in your st quarter estimate by April 18, 2023. In order to help you plan for your tax year 2022 taxes (the ones you file in 2023) and other important tax dates, we’ve compiled a list of key tax deadlines for you to keep in mind and mark on your calendar.

Start Filing Your Taxes for Free!

When preparing to file your taxes, it is important to know whether you need to file as an individual or a business. Depending on how you make money and who you are employed by will determine how you need to file. The processing and refund delays seen in 2021 and likely to be repeated in 2022 can be traced in part to pandemic-related challenges, as well as issues with IRS staffing and funding.

When it comes to e-filing, also known as online filing, there seem to be as many options to get the job done as there are forms to fill out. Which online filing option is right for you may depend on your income, your budget, the complexity of your return — and perhaps your patience for filling out forms. If you received help from unemployment insurance, you will need to pay taxes on payments received from unemployment benefits. You should receive a 1099-G reporting unemployment benefits received.

You can connect with your expert in real time and get your taxes done without all the waiting and wondering. You can do everything from home, on your time, and you can have the choice to work with the same dedicated expert every year, who knows you and your taxes. Free File Fillable Forms is a sister service of IRS Free File; it’s open to all taxpayers, including those who made more than $73,000 in 2022. After TurboTax and H&R Block, TaxAct is the next-biggest tax-prep software service. Among the big three, TaxAct is the only one currently affiliated with IRS Free File. In addition to providing that service to qualified taxpayers, TaxAct boasts a range of online-filing packages for any and all customers, regardless of income bracket.

• By law, Washington, D.C., holidays impact tax deadlines for everyone in the same way federal holidays do.
• This can be done online, or with the help of a live tax preparation assistant.
• Additionally, there are benefits to filing early for those taxpayers who have a balance due.
• Our goal is to get your taxes done with as little waiting as possible.