There are a lot of changes that have happened in the past few years. From the pandemic to the financial crisis, the Ukraine war to inflation, the economy has been facing a very difficult time. And the tax season for the year 2023 is just around the corner. Filing the taxes within a given period of time is really going to be beneficial.
The hike in gas prices and the boost in interest rates have already been a backlash to the country. In addition, there are also chances of the country facing a serious recession in the first half of the next year. Thus filing taxes at right time can help one from possible rebates and avoid any additional late fees. Here’s more about it.
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Filing Your Taxes For 2022
The living cost in many countries including the United States has been quite high this year. Along with this, filing taxes is going to be a more tedious task. Sitting down and calculating what you owe the state for a financial year needs tremendous effort.
The 2022 tax filing season begins in January 2023. This month of the year, the Internal Revenue Service will be accepting and inspecting the 2022 federal tax returns. The tax season is a time for taxpayers to gather their income statements and also to pay their tax dues. If self-employed, then they have been making tax payments quarterly on given dates throughout the year.
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Dates To File Taxes
There will be about four months for an individual to complete their tax filings. Usually, the deadline falls on April 15 every year. But this year people across the country will have time until April 18, 2023. This change is as April 15 is a Saturday and the following Monday is Emancipation Day in Washington DC. If one needs extensions, then one would need to fill and submit Form 4868. This would grant them an extension till October 15, 2023.
There is a difference in dates for partnerships and S-Corps. For these establishments, the due date usually is March 15 every year. They can also have extensions for about six months. Here they will have to use Form 7004.
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