U.S. – Consider filing your 2022 income tax return today if you requested an extension. Don’t unnecessarily wait until October 16, 2023 to file. Here is a summary of what you need to know.
You have until October 16, 2023 to prepare and file your 2022 tax return if you filed an extension. You should consider filing your return now if you have all the information that you need. The IRS would like you to know that there is no advantage to waiting until the last minute. In addition, if you file your return now, that’s one thing less to worry about.
Here are a few things that you should keep in mind.
File by the deadline
You should plan on filing your tax return and paying any balance due by Monday October 16, 2023.
Consider using IRS Free File
You may be able to file your tax return free of charge using IRS Free File if you meet certain requirements. The program is available on IRS.gov through October 16, 2023. Using the program to file your return is easy, safe and you’ll get unmatched accuracy. What’s more, the software program will help you determine your eligibility for many valuable tax credits that you’ll otherwise overlook.
Choose to get your refund directly deposited to your bank account
You should request a direct deposit, so the IRS and your state tax agency electronically deposit your refund into your bank account. You’ll get your refund faster compared to a payment by cheque.
Pay what you can and request a payment plan
If you owe tax and can’t pay it in full, we recommend you pay as much as you can. This will reduce the amount of interest and penalties that you incur for paying and filing late. You should evaluate the options that the IRS provide to taxpayers in this situation, including applying for a payment on IRS.gov. You can view your payment options or check your account balance online.
Request missing or incorrect documents that you need to file your tax return
If you’ve been waiting to file your return because you’re missing tax documents such as IRS Form w-2 or Form 1099-MISC NEC, 1099-DIV…, we suggest you contact your HR Department, your bank or brokerage account manager or the issuing agency and request a copy of the missing or corrected documents. If you reach out but still can’t get them, use Form 4852 instead.
File as soon as possible if you didn’t file an extension by April
We recommend you file your return without further delay if you didn’t request an extension of time by April 18, 2023. If you owe tax, it will stop additional interest and penalties from adding up. If you don’t owe tax or are owed a refund, you won’t incur any penalty and interest.
Make sure that you’re not eligible for additional time to file.
If you’re a military service member or eligible personnel in combat zones, you may be allowed to file your tax return after October 16, 2023. You should consider using MilTax online tax software to prepare and file your tax return. This is a service that the Department of Defense offers free of charge to service members and their family. This service is available for you regardless of how much money you’re making.
If unfortunately, you’re in a FEMA declared natural disaster area, the IRS may allow you to file after the October 16, 2023 deadline. Learn more.