Tax Season 2023: Here’s What You Should Know

Tax season is never really fun …unless you’re a tax pro or just got the hang of things. But everyone should know these key things when they’re filing or about to file.

Timing – The 2023 tax season started towards the end of January with a deadline set for April 28th. There are also other deadlines set for specific things, do your research and understand what deadline you need to meet.

Tax Help- The IRS free file program offers free guided tax preparation and filing. In addition to this the IRS also offers fillable forms of which can be electronically filed for free. If you are not comfortable filing this way you can always seek guidance from a tax professional to ensure your taxes are filed correctly and your questions are answered.

Filling- You need all RELEVANT tax forms to file! These forms may be mailed or available online. If you owe a tax bill and do not have the money to pay right away, you can set up an arrangement with the IRS on how to go about paying your bill. But that will NOT delay your time to file your taxes.

What to Do With Your Tax Refund- Essentially no one can tell you how to spend or save your money. However, the wiser thing to do may be to save your refund rather than to spend it. In cases where you can owe money to the IRS during the next tax season you could use whatever you received from your tax refund to contribute towards paying what you owe. Or simply use that money and put it in a high yield savings account for your money to build and grow.

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