Income Tax Filing Season Starts This Week

Tax filing season officially started for individuals on Monday, January 23rd, when the IRS begins accepting and processing 2022 income tax returns. To prepare, the IRS performed system, form, and instruction updates, as well as other readiness work. That should help tax filing season run more smoothly. Reaching the IRS should also run more smoothly because more than 5,000 new telephone assistors and more in-person staff were added to help support taxpayers.

More than 168 million individual tax returns are expected to be filed this tax season, with the vast majority of those coming before the April 18th tax deadline. This year, people have three extra days after the usual April 15th deadline to file because of the weekend and the District of Columbia’s Emancipation Day holiday, which falls on Monday, April 17th. Taxpayers requesting an extension will have until Monday, October 16th, to file.

The IRS is also accepting business returns and individual returns from taxpayers who are eligible to use the IRS’s Free File program at IRS.gov. Free File allows taxpayers who made $73,000 or less in 2022 to file their taxes electronically for free using software provided by commercial tax filing companies. Find IRS Free File partners at https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

The IRS has three tips to help your tax filing season go more smoothly:

  1. Have the right information before filing. The IRS encourages individuals to have all the information they need before filing a complete and accurate return. Organize and gather your 2022 tax records including W-2 and 1099 earning statements, investment income, student loan interest, charitable contributions, mortgage interest, real estate and personal property taxes, and business financial records.
  1. File electronically. Taxpayers are urged to file returns electronically as soon as they have the tax documentation that they need to file a complete and accurate return. Filing early is a good idea for several reasons. First, processing volumes are lower, resulting in faster refunds. Filing early also gets ahead of potential scammers filing a fraudulent tax return with a valid tax ID number. 
  1. Use direct deposit for all refunds. Electronic tax refunds and payments are the safest and fastest method for financial transactions with federal and state tax agencies. Your tax preparer can usually set them up using authorized tax software. Tax agency websites include links for payments via bank account or credit card. Be aware that credit card payments usually include a fee and that these sites don’t have a refund option.

Starting this week, taxpayers are expected to file more than 168 million individual 2022 income tax returns. The IRS wants this filing season to go as smoothly as you do, so they’ve hired extra taxpayer assistance staff and prepared their systems. Want answers to frequently asked questions and more details? Check it out here https://www.irs.gov/newsroom/irs-sets-january-23-as-official-start-to-2023-tax-filing-season-more-help-available-for-taxpayers-this-year.