Monday, January 23rd marks the beginning of the tax return filing season which will continue until April 18th. The filing deadline to submit 2022 tax returns or an extension to file and pay tax owed is Tuesday, April 18, 2023, for most taxpayers. By law, Washington, D.C., holidays impact tax deadlines for everyone in the same way federal holidays do. The due date is April 18, instead of April 15, due to the calendar this year. 

Over 168 million individual tax returns are expected to be filed in 2023. The IRS expects 4 out of 5 tax returns will be prepared electronically using tax software and anticipates issuing most refunds in fewer than 21 days. To receive your refund in the fastest and safest way, the IRS recommends choosing e-file and direct deposit for refunds.

Here are a few tax preparation tips:

• To help prevent identity theft the IRS recommends filing earlier in the tax season.
• Visit the IRS website (irs.gov). The IRS website is full of valuable information.
• Gather all important tax documents using documents collected last year as a guide. A few important documents include:
  • W-2s
  • 1099s (miscellaneous income, interest, dividends, certain government payments, distributions from pensions, annuities, retirements, etc.)
  • Other income documents and records of virtual currency transactions
• Review your return for errors. Check spelling on names, social security numbers, math, and inputs on line items.
• Sign and date your return (along with your spouse).
• Consult your tax professional for help.

All taxpayers should continue to watch out for identity theft scams by people pretending to be IRS representatives through email or phone communications. Remember, the IRS will never:

• Demand immediate payment without first having mailed the taxpayer an explanation of additional tax due.
• Demand that the taxpayer pay taxes without giving them the opportunity to question or appeal the amount said to be owed.
• Require a specific payment method to be used to pay tax owed.
• Ask for credit or debit card numbers.
• Threaten to bring in local police or other law enforcement groups to have the taxpayer arrested for not paying.

Finally, don’t forget about filing your Iowa individual income tax return, which is due May 1st, 2023! 

This information is provided for informational purposes and is not intended to substitute professional advice.