Everything about the tax filing deadline 2023

In the United States, the tax season usually ends around April 18. On this date, filers have the opportunity to file all of their taxes in accordance with U.S. law. However, for those who let the tax filing deadline 2023 pass without being up to date with their obligations, they still have options to file their taxes.

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What to do if you missed the tax filing deadline in 2023?

When the filer fails to complete the tax information in its entirety and needs to adjust its tax return, it is possible to use different mechanisms to complete the return properly. Such is the case, for example, of an extension. 

Extension

This extension comprises a total of six additional months that are granted to the filer so that the pertinent modifications can be made during this additional period.

In this case, it should be taken into account if the filer considers that its taxes will increase during this period so that the approximate amount is calculated and included in the extension form.

The Internal Revenue Service (IRS) provides additional information on this mechanism here.

Can I file a late tax return without requesting an extension?

In the event that the taxpayer misses the initial April 18 deadline, the taxpayer should consider whether the taxpayer owes taxes as of the date of filing the return. 

If the filer owes taxes, it is possible that he/she may receive a penalty as a warning for failure to pay by the deadline stipulated by the U.S. State. If this is not the case, and the filer has no tax debts to settle, it is possible that no financial warning will be imposed. 

However, if the taxpayer expects a refund of salary contributions, or has no outstanding tax debts, it is recommended to file the tax return as soon as possible to avoid the application of reprimand measures, such as the payment of a penalty whose value is set by the IRS.

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What are the exceptions to the tax filing deadline 2023?

In the United States, there are two scenarios that constitute an exception to the tax filing deadline 2023.

The first concerns taxpayers residing in areas affected by natural disasters, such as the state of California and some regions in Alabama and Georgia.

In these cases, the IRS extended the tax filing deadline 2023 to October 16 of the year.

This is the deadline for filers in areas affected by natural disasters to file their federal tax return.

For taxpayers affected by the Mississippi storm, the deadline to file their federal tax return was extended to July 31, 2023.

What to expect this year?

Please note that given the modifications effective by the federal authorities, this year you may find yourself with reduced refunds, due to the extension of some tax credits.

For example, for those who received $3,600 per dependent in 2021, for the CTC (Child Tax Credit), if eligible, this year the figure will remain at $2,000. 

Please note that to be eligible you must have received income greater than $2,500.

In the case of the EITC (Earned Income Tax Credit) the figure would go from $1,500 in 2021 to a maximum of $530 in 2022.

To claim this benefit, the filer must:

• Have worked without your income exceeding USD $59,187.
• Investment income must not exceed USD $10,000
• Have a valid Social Security number (SSN) as of the due date of your 2022 return (including extension)
• Be a resident, whether a U.S. citizen or foreign national
• Not have filed Form 2555

In case you are eligible for this credit, please note that the U.S. authorities set the following limits:

• If the filer has no children under his responsibility: USD $560
• If you have one qualifying child: USD $3,733
• If you have two qualifying children: USD $6,164
• If you have three or more qualifying children: $6,935

On the other hand, the child and dependent care credit for 2022 again has a maximum of USD $2,100 in 2022, in contrast to USD $8,000 in 2021.

The decrease in each of these reimbursements arises after the decision to resume the values stipulated for 2019.

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Keys to Filing Your Tax Return

Note that to file your taxes by the tax filing deadline 2023, your income must be within the standard deduction threshold.

Single filers 

If your income is below $12,950, as expressed by the IRS tax authority, you may not be required to file a tax return.

Married Couples Filing Jointly 

The IRS organization states that if income does not exceed $25,900, taxpayers may not be required to file a tax return. However, filers may choose to file a tax return.

It should be noted that, for low-income taxpayers, filing their tax returns may increase the chances of receiving better refunds once the particular case is studied.

Overcontribution 

For taxpayers whose work companies apply tax deductions that exceed the established limit, they must request the W2 form, so that the taxes applied to the salary can be evidenced. 

This documentation will allow the filer to obtain clarity regarding their deductions and facilitate the request for a refund of the excess contributions made during the year.

In this case, the taxpayer must include in the tax return form the detailed information of the deductions applied by the company in which he/she works.

Refund

If a taxpayer believes that he/she should receive a refund, he/she should consider the following factors before filing his/her tax return:

You can file your tax return electronically and choose a direct deposit account as a means of payment. If you already have an associated bank account, be sure to keep your information close by to avoid delays.

If you have a prepaid card that accepts direct deposit, you may be able to receive your refund through that card as well. To avoid delays, be sure to check with the vendor for the card information before you file your tax return. 

Generally, the IRS issues refunds within 21 days. Keep in mind that checks usually take 4 to 6 weeks longer, and if you don’t have an account open by the date of your return, consider opening one, as it will certainly make the process easier.

Avoid scams!

The competent authorities are making an appeal to prevent taxpayers from being swindled. Usually, scammers impersonate the tax authorities to request personal data that end up in millions of dollars in losses.

In case you have additional doubts about the tax filing deadline of 2023, find detailed information on the IRS web site.

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