Our Taxes in Numbers and Deadlines as the IRS officially Opens the 2023 Tax Season
Introduction
The IRS officially opens the 2023 tax season on January 23rd, and taxpayers need to understand the key dates and deadlines for filing and paying their taxes. Additionally, knowing the tax numbers, such as bracket rates and contribution limits, can help with planning and organization.
This article discusses deadlines and other tax numbers that should be of interest to all taxpayers. Each tax season is an opportunity to learn one or more things about how we are taxed. Such knowledge helps you plan for your taxes going forward. And taxpayers who plan their taxes in advance save more money and increase their financial literacy. This is good for anyone willing to build generational wealth.
Nevertheless, before delving much into more tax numbers and dates, let us look at some of the IRS’ expectations this tax season. In 2023, the IRS expects to receive more than 168 million individual tax returns for the 2022 tax year.
However, this is not far from the 2021 tax year individual returns that stood at 167,9 million. It is worth noting that the difference between the tax year 2021 and 2020 individual returns was rather bigger. 2020 individual returns filed were 157,1 million.
Key Tax Dates and Deadlines for the 2023 tax season and tax year 2023
The deadline for filing federal income tax returns for 2023 is Tuesday, April 18th.
It’s also important to note that the deadline for making contributions to certain retirement accounts, like Traditional IRA and Roth IRA, is April 18th, 2023. But the deadline for 401(k) contributions was December 31, 2022. This means you can only contribute to this type of retirement account within the same tax year to affect those tax returns.
Here are some key tax dates and deadlines for the whole of 2023:
- January 23, 2023. Tax season begins (to file 2022 tax returns).
- February 15, 2023. Reclaim exemption from withholding in 2023 if you were exempt from federal income tax withholding in 2022.
- April 3, 2023. Take your first required minimum distribution from your traditional IRA or 401(k) if you turned 72 in 2022. Usually, this deadline is April 1, but it will be on a Saturday this year.
- April 18, 2023. Tax Day! Deadline for filing personal income tax returns (for the tax year 2022). It’s also the deadline to pay owed taxes.
- April 18, 2023. File Form 4868 to request an extension to file. Do this even if you don’t owe taxes and can’t catch the filing deadline.
- April 18, 2023. The first quarter estimated tax payment is due.
- June 15, 2023. Second quarter estimated taxes are due.
- September 15, 2023. Third-quarter estimated taxes are due.
- October 16, 2023. Extension deadline for personal income tax returns (for the tax year 2022)
- December 31, 2023. Take any remaining required minimum distributions
- December 31, 2023. Last day to contribute to your 401(k).
Tax Numbers to Know
The tax year 2022 brings brought traditional changes for taxpayers to be aware of. Use this information as you file your 2022 tax return this tax season.
One of the key changes is the income tax brackets, which have been adjusted for inflation.
The new tax brackets for 2022 are as follows.
| Tax rate | Single | Head of household | Married filing jointly or qualifying widow | Married filing separately |
| 10% | $0 to $10,275 | $0 to $14,650 | $0 to $20,550 | $0 to $10,275 |
| 12% | $10,276 to $41,775 | $14,651 to $55,900 | $20,551 to $83,550 | $10,276 to $41,775 |
| 22% | $41,776 to $89,075 | $55,901 to $89,050 | $83,551 to $178,150 | $41,776 to $89,075 |
| 24% | $89,076 to $170,050 | $89,051 to $170,050 | $178,151 to $340,100 | $89,076 to $170,050 |
| 32% | $170,051 to $215,950 | $170,051 to $215,950 | $340,101 to $431,900 | $170,051 to $215,950 |
| 35% | $215,951 to $539,900 | $215,951 to $539,900 | $431,901 to $647,850 | $215,951 to $323,925 |
| 37% | $539,901 or more | $539,901 or more | $647,851 or more | $323,926 or more |
This means that the income thresholds for each bracket were increased from the tax year 2021. As a result, some taxpayers may find themselves in a lower tax bracket. This can have a positive impact on the amount of taxes owed. Use this table to determine if you owe taxes this tax season.
Another important change to know for Tax Year 2022 was the increase in the standard deduction. The standard deduction for single filers for the tax year 2022 is $12,950, and for married filing jointly is $25,900. Heads of household have theirs at $18,800. If you take it, this is what you will deduct when filing this tax season.
The standard deduction can significantly reduce taxable income for those who do not itemize their deductions. For tax season 2022, the Child Tax Credit amount went back to the original after being temporarily increased as a COVID incentive.
Thus, the 2022 CTC is up to $2,000 per qualifying child. Take this in mind while you file your 2022 tax returns during this tax season. $1,500 of that credit may be refundable
Tips for Staying Organized and On Top of Taxes
Staying organized and on top of your taxes can make the process less daunting. Gather all necessary documents, such as W-2s and 1099s, and hire a tax preparer like me for assistance with filing. It’s also important to plan for any potential tax payments or refunds.
In conclusion, being aware of the key tax dates and deadlines and the tax numbers to know can help with the tax filing process. Additionally, staying organized and utilizing resources can make the process less overwhelming. For further information and assistance, contact me via my website or follow my social media accounts.
Frequently Asked Questions
- When are taxes due in 2023?
The last day to file 2022 tax returns and pay taxes owed is April 18, 2023.
- What will be the final day of the 2023 tax year for income tax?
The final day of the 2023 tax year will be December 31, 2023. Tax returns for this year will be filed starting in late January 2024.
- What is the first day to file taxes in 2023?
The IRS announced that the 2023 tax season officially begins on Monday, January 23, 2023. This will be the first day to file taxes this year (for 2022 tax returns). However, as a taxpayer, you are free to engage the services of a tax professional to prepare your taxes before this day (official opening). It helps to keep you prepared so that you file as soon as filing commences.
- Are we getting taxes back in 2023?
Indeed, we will get refunds. However, as the IRS warned in November 2022, refunds may be smaller this year. This is because of the removal of government incentives such as the enhanced child tax credit that taxpayers enjoyed in the tax year 2021. However, with excellent tax planning, your tax refunds, and overall tax savings will not depend on government incentives because you will always be ahead of the tax game.
- How soon can I file taxes?
The tax filing season starts on January 23, 2023. You can file your taxes then until the deadline of April 18, 2023. However, because of so many changes that are still coming in from the IRS, I am advising my followers not to rush into filing until they are certain that everything is in order.
