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IRS will start accepting 2023 tax returns on Jan. 29

IRS will start accepting 2023 tax returns on Jan. 29
Inflation drives up the price of everything from gas to groceries. And experts are now sharing how it can impact you this tax season. According to Money talks news, millions of retirees may be concerned when they find out that social security benefits are taxable but income thresholds are not adjusted for inflation. The site also notes that the mortgage interest deduction is not nearly as valuable as it was in the past due to inflation if you sold your home this year up. Experts say current federal law allows those people who sell their homes to exclude profit from their taxable income also known as capital gains. However, money talks news notes that this tax break grows less valuable as the effect of inflation increases. Financial website. Kiplinger explains that other tax provisions can be impacted by inflation including the child tax credit and the adoption credit. So speak with your tax advisor about these changes.
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IRS will start accepting 2023 tax returns on Jan. 29
If you like to file your taxes early, the IRS said on Monday it will begin accepting and processing 2023 federal income tax returns starting on Monday, Jan. 29.Related video above: Here are ways inflation can cost you at tax timeIf you're not an early bird, be sure to file your return and pay any remaining taxes owed by the filing deadline of Monday, April 15.Some tax filers, however, will have a later deadline. Taxpayers in Maine and Massachusetts, for instance, will have until April 17 to submit their returns due to those states' observation of the Patriots' Day and Emancipation Day holidays.And anyone living or doing business in a federally declared disaster area may have a later date. For instance, if you were affected by the storms and tornadoes that started on Dec. 9 in parts of Tennessee, you will have until June 17, 2024, to file and pay what you owe. Here is the list of federally declared disaster areas and information on what forms of tax relief are available.If you can바카라 게임 웹사이트t file by mid-April, make sure to apply for an automatic six-month filing extension by April 15 so you can avoid being charged a late-filing penalty.And remember that regardless of when you file, if you still owe money to the IRS for tax year 2023, that amount is due by your April filing deadline. If you don't send in payment by the general filing deadline, you may face a late payment penalty 바카라 게임 웹사이트 with interest.What about refunds?The good news is that the majority of tax filers typically get a refund. And the IRS usually issues them within 21 days of accepting your return. The agency notes, however, that if you are claiming an Earned Income Tax Credit, the IRS cannot by law issue the EITC-related refund before mid-February and estimates that those funds will be available for filers starting Feb. 27.Last year, from the more than 160 million returns filed, the IRS issued nearly 105 million refunds. The average refund was $3,054, according to IRS filing statistics.To find out how quickly you are likely to get your refund once you have submitted your return, you can use the agency바카라 게임 웹사이트s Where's My Refund tool.

If you like to file your taxes early, the IRS said on Monday it will begin accepting and processing 2023 federal income tax returns starting on Monday, Jan. 29.

Related video above: Here are ways inflation can cost you at tax time

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If you're not an early bird, be sure to file your return and pay any remaining taxes owed by the filing deadline of Monday, April 15.

Some tax filers, however, will have a later deadline. Taxpayers in Maine and Massachusetts, for instance, will have until April 17 to submit their returns due to those states' observation of the Patriots' Day and Emancipation Day holidays.

And anyone living or doing business in a federally declared disaster area may have a later date. For instance, if you were affected by the storms and tornadoes that started on Dec. 9 in parts of Tennessee, you will have until June 17, 2024, to file and pay what you owe. Here is the and information on what forms of tax relief are available.

If you can바카라 게임 웹사이트t file by mid-April, make sure to apply for an by April 15 so you can avoid being charged a late-filing penalty.

And remember that regardless of when you file, if you still owe money to the IRS for tax year 2023, that amount is due by your April filing deadline. If you don't send in payment by the general filing deadline, you may face a late payment penalty 바카라 게임 웹사이트 with interest.

What about refunds?

The good news is that the majority of tax filers typically get a refund. And the IRS usually issues them within 21 days of accepting your return. The agency notes, however, that if you are claiming an Earned Income Tax Credit, the IRS cannot by law issue the EITC-related refund before mid-February and estimates that those funds will be available for filers starting Feb. 27.

Last year, from the more than 160 million returns filed, the IRS issued nearly 105 million refunds. The average refund was $3,054, according to IRS filing statistics.

To find out how quickly you are likely to get your refund once you have submitted your return, you can use the agency바카라 게임 웹사이트s tool.