FINANCIAL NEWS
When is the earliest you can file your taxes?
Tax season is approaching and many people may be wondering when they can get ahead of the curve, hopefully ensuring a fast resolution of their taxes.
Joy of joys, it’s nearly time to file your taxes. While there are plenty of different dates to file specific parts of taxes, the deadline most important for the vast majority of people will be 18 April, the deadline for filing personal federal taxes.
For those who don’t like to leave things late, the opening of the filing period is fast approaching. It is earlier than the last two years, providing an opportunity to get the job done and hopefully a filing resolved quickly. Due to underfunding of the IRS, likely to be exacerbated by recent actions in the House of Representatives, there could be a backlog similar to 2020.
It is said that the early bird catches the worm and in this case the worm is a tax refund. We’ll let you decide whether the early bird is the person filing their taxes or the IRS. Something for you to mull over for the rest of the day.
It is nearly time to file
The first point at which people can file their 2022 taxes is 9 a.m. ET on 23 January, 2023, one day earlier than last year’s filing period. That itself was 19 days earlier than the same time in 2021 due to delays caused by the covid-19 pandemic.
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The IRS recommends you dig out all relevant information, such as documents pertaining to the Child Tax Credit or third stimulus checks, to ensure your application is correct. Wrong information could lead to a delay in receiving a tax refund, if you qualify.