Deadline Approaching: A Step-by-Step Guide on Filing Your 2023 Taxes

CNN Underscored provides a guide on how to file taxes for the 2022 tax year. The tax deadline this year is April 18, with an extension available until October 16, 2023. The Internal Revenue Service (IRS) opened the door for taxpayers to file their 2022 returns on January 23. It’s important to file an accurate tax return to avoid delays or IRS notices, according to the agency. To file taxes, individuals can use tax software, such as TurboTax or H&R Block, which offers various assistance plans. IRS Free File is a partnership between the IRS and tax software companies that allows taxpayers to file for free online. There are also programs like Volunteer Income Tax Assistance and Tax Counseling for the Elderly, which offer free basic tax return preparation for those who qualify. Taxpayers can also file their taxes by mail using Form 1040. The guide provides seven steps to follow when filing taxes, including gathering necessary paperwork, selecting the appropriate filing status, and deciding whether to itemize deductions or take the standard deduction. If you owe taxes, you have several options for payment, including credit card payments and payment plans. To receive a refund, taxpayers should choose how they want the refund to be sent, such as through direct deposit. There are various tax credits available, such as the Child Tax Credit and Earned Income Tax Credit, which can help reduce the amount of taxes owed or increase a refund. The IRS recommends filing electronically and choosing direct deposit to receive refunds as quickly as possible.