The 2023 Tax Deadline Has Passed…What’s Next?
Posted by Anna Traugh on May 4, 2023
Start planning for next year!
- Review your newly received return and make sure that everything was recorded properly.
- If you had to pay in, check your paystub withholdings for accuracy.
- Be sure to save a copy of your return for your personal records.
- Cornerstone has a document retention guidelines that can help determine how long records should be kept for.
- If you self-filed this year but would like to work with an accountant next year, start the process now!
- Review 2023 increased maximums or any newly offered credits for the year.
- The IRS puts out an annual resource in October outlining adjustments and changes for the coming year
I missed the tax deadline – now what?
- You could be liable for paying penalties and interest related to late filing if you owe.
- File as soon as you are able, to minimize penalties and interest.
- The penalty would be 5% of the unpaid taxes for each month the return is late if you owe money.
- The interest accrues and compounds daily from April 18th until you pay the full balance (7% interest for Q1 of 2023).
- You may qualify for the IRS’s Free File program, available until October 16
- If your 2022 Federal adjusted gross income is $73,000 or less, you are eligible.
- If your income is too high for the Free File program and you are comfortable doing your own taxes, you can also use the IRS’s Free File Fillable Forms until October 16
- These are electronic versions of paper tax forms.
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