In a significant departure from the last half decade’s trend, the Internal Revenue Service (IRS) has announced the reinstatement of the traditional April 15 deadline for income tax returns. This shift follows a series of altered schedules prompted by the global challenges of the COVID-19 pandemic, marking a return to a semblance of normalcy in the tax filing landscape.
The tumultuous tax seasons of 2020 and 2021 saw the IRS extend the filing deadline to July 15 and May 17, respectively, offering taxpayers a reprieve amidst unprecedented uncertainties. The observance of Emancipation Day in Washington, D.C., further pushed the due date to April 18 for both 2022 and 2023.
Unveiling Key Insights for Filing 2023 Income Tax Returns
- Earliest Filing Date Anticipation: While the IRS has not officially communicated the start date for accepting and processing returns, historical patterns suggest a late January commencement. In 2023, eager filers initiated the process on January 23, signaling a potential window for early birds to submit their returns.
- Quarterly Taxpayers and Their Due Dates:
- Jan. 1-March 31 pay period: April 15
- Apr. 1-May 31 pay period: June 15
- June 1-Aug. 31 pay period: September 15
- Sept. 1-Dec. 31 pay period: January 15 of the following year
- Free Electronic Filing Opportunities: The IRS Free File Program continues to be a cornerstone for cost-free federal tax filing online. Furthermore, individuals meeting specific criteria can avail themselves of full-service tax preparation through initiatives such as the IRS’ Volunteer Income Tax Assistance program. Eligibility spans an income threshold of $60,000 or less, qualifying disabilities, limited English proficiency, or 60 years and older age criteria.
- Tailored State Solutions in Illinois: Residents of Illinois can tap into the MyTax Illinois service for free tax filing, specifically if utilizing the IL-1040 form and meeting the criteria outlined by officials. This state-specific resource adds an extra layer of support for taxpayers navigating the intricacies of filing in Illinois.
As the curtains rise on the 2024 tax season, these insights offer a comprehensive understanding of the return to the traditional April 15 deadline and the many free filing options available. Stay tuned for the imminent official announcement from the IRS, heralding the commencement of return processing and ushering in a new chapter in the annual tax filing saga.
Source ( Nbcchicago News).
