Are you wondering, “When’s the earliest I can file taxes?” The anticipation of a tax refund can make even the most tax-averse individuals eager to file their tax returns as quickly as possible. However, the exact date varies from year to year. To assist you, we have compiled key information about the tax season’s kickoff, the benefits of filing early, and the essential documents you will need.
When is the earliest I can file?
The Internal Revenue Service (IRS) typically starts accepting and processing tax returns in late January. However, the first day you can submit tax returns for the previous year can vary. For instance, for the tax year 2022, the earliest you could file was January 23, 2023. This date is primarily determined by the IRS’s readiness to process returns, which depends on several factors, such as last-minute tax law changes and system updates.
Now, you may wonder, “How early can I file taxes in 2023?” The IRS has yet to announce the official start date for the 2023 tax filing season. However, it’s a good bet that it will be around the last week of January, as in previous years.
Three benefits of filing your taxes early and the documents you’ll need
Getting a head start on tax season has some significant advantages. Let’s delve into three of the main benefits of deciding to file taxes early:
1. Faster Tax Refunds: Filing your tax returns early often means getting your refund sooner. The IRS typically issues refunds within 21 days for electronically filed tax returns. However, returns filed earlier in the season can often be processed faster.
2. Avoiding Identity Theft: Filing early can help prevent tax identity theft. If a criminal files a fraudulent return in your name after you’ve already filed, the fraudulent return will more likely be rejected.
3. Extra Time to Pay Taxes Owed: If you owe the IRS money, filing early doesn’t mean you have to pay early – but it does give you more time to plan your payment.
When considering how to file taxes early, it’s vital to gather all the necessary documents in advance. Key documents include:
W-2 Forms: These are issued by your employer and report your annual wages and the amount of taxes withheld from your paycheck.
1099 Forms: If you have additional income from freelancing, interest, dividends, you’ll need these forms.
Receipts for Deductions: If you’re itemizing deductions, keep track of receipts for medical costs, educational expenses, charitable donations, and business expenses.
To Sum Up
To answer the question, “When can we start filing taxes?” remember that it’s usually in late January. However, the exact date can fluctuate depending on various factors. Nevertheless, filing taxes early can have numerous advantages, from quicker refunds to added security and more time to prepare if you owe taxes.
As the saying goes, “the early bird catches the worm,” and in the context of tax season, that worm could be the benefit of a faster tax refund, extra planning time, or the peace of mind knowing you’ve minimized the risk of identity theft. So, when the tax season kicks off, consider being that early bird and take full advantage of filing your taxes at the earliest possible date.
