To avoid penalties, it’s important to be aware of important 2023 tax deadlines. Equally, if you want to ensure you receive your tax refund quickly and without a rejection notice, you’ll want to have all the necessary documents on hand so you can make tax filing a seamless process. Typically, the tax deadline is April 15th, but since the 15th falls on a government observed holiday, the tax deadline is April 18th, 2023. If you were originally planning on having your taxes filed by then, you might be happy to hear that the tax filing deadline for 2023 is a little later this year, even if just by a few days.
To help make sure your business and personal taxes include the right information and are filed on time, enlist the help of a Raleigh CPA.
Required Documents for Tax Filing
Tax Documents for Individuals
For individuals and businesses alike, tax filing requires a certain set of documents in order to ensure accuracy and compliance with the law. For individuals, this includes income statements such as W-2s or 1099s, your social security number or individual taxpayer identification number, charitable donation receipts if applicable, bank account information for direct deposit refunds, and any other relevant financial statements.
Tax Documents for Businesses
Business owners must provide their business’s federal employer identification number (EIN), gross revenue documentation from all sources of income for 2022, expense reports for deductions claimed (i.e. travel expenses or office equipment costs), records related to investments (i.e. real estate holdings and stock purchases/sales). Additionally, business owners may need property tax bills if they own physical property used in the operation of their business. Having these documents organized ahead of time allows tax filers to make sure nothing is missed when it comes time to file taxes.
When is the 2023 Tax Deadline?
Typically, the tax deadline is April 15, but because the 15th of April is Emancipation Day which is observed in Washington D.C., government offices are closed. Therefore, all individuals must file their 2022 personal tax returns by April 18th. For this type of tax filing, you will be filing based on a 1040 or 1040-SR form you filled out at the beginning of your employment at your current company. To determine if you’re best suited to file taxes by yourself online or with a CPA, we encourage you to read this article which outlines the advantages and disadvantages of each.
Can I Request an Extension?
If you don’t find the April 18, 2023 tax deadline obtainable, you may request an extension. However, to avoid monetary penalties, you must request a tax extension by April 18th. Fill out and return Form 4868 to request a tax extension from the IRS. Once your request is granted, you will have an additional 6 months to file your tax return. This means you will also have an extra 6 months to pay any taxes you owe. However, it’s important to know that while you can request an extension, if you owe money, you will be charged interest on the total amount you owe.
What Happens if You Miss the Tax Deadline?
If you miss the tax deadline and did not request a tax extension by April 18th, you are subject to penalties by the government. There are two main types of penalties you may incur: failure to file or failure to pay. In short, if you do not file or pay your taxes by the 2023 tax deadline, you will incur a charge based on the percentage of taxes you did not file on time. Thankfully, the IRS states that you will not be subject to a penalty of more than 25% of your unpaid taxes. The failure to file penalty allows the IRS to charge 5% per month for 1040 tax returns. The failure to pay penalty is subject to 0.5% of unpaid taxes per month or even bi-monthly. To ensure you don’t miss the 2023 tax deadline, we suggest you put a reminder on your calendar.
When Do I Get My 2023 Tax Refund?
You can get your tax refund after you have filed your taxes. It usually takes a few weeks for the government to process your tax return and either mail you a check or directly deposit the money into your account. As a general rule, tax filers should set up a direct deposit for their tax return if they want to receive their money back in a timely manner. Those who request a mailed check tend to receive their tax return much later. When filing your taxes either online or with a trusted CPA, you can provide your bank’s routing number and your account number to receive a direct deposit. Most businesses and individuals opt to have their tax returns automatically deposited into their checking or saving accounts simply due to the promptness.
How Can I Get Help Filing My Taxes?
If you are a business owner who needs help filing taxes, our professional CPAs at Steward Ingram are happy to help. Whether you have a small sole proprietorship or a large corporation, we can prepare your taxes, identify tax deductions for a higher tax return, and save you time and stress. If you need assistance filing taxes for a nonprofit organization, our CPAs will prepare your Form 990 so you can easily share information with your board of directors and donors.
Request Tax Filing Assistance from a Raleigh CPA
If you are filing business or nonprofit taxes and want to ensure your taxes filed on time, our Raleigh CPAs are always happy to prepare and file your taxes for you. Fill out the contact form below or give our office a call today at (919) 872-0866 to schedule a consultation.
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