When are IRS accepting taxes? This is a common question among taxpayers who are eager to file their returns and ensure they meet all deadlines. The Internal Revenue Service (IRS) has specific dates and times when it accepts tax returns, and it’s important for individuals and businesses to be aware of these deadlines to avoid penalties and interest charges.
The IRS begins accepting tax returns for the current tax year typically in early February. For example, in 2023, the IRS started accepting tax returns on January 23, 2023. However, it’s important to note that the actual start date can vary from year to year due to various factors, including tax law changes, system updates, and holidays.
Once the IRS begins accepting tax returns, taxpayers have until April 15th to file their returns for the previous tax year. This deadline applies to both individual and business taxpayers. However, if April 15th falls on a weekend or a federal holiday, the deadline is extended to the next business day.
In some cases, taxpayers may be eligible for an automatic extension of their filing deadline. This extension allows individuals an additional six months to file their returns, pushing the deadline to October 15th. Businesses, on the other hand, may receive an extension of up to five and a half months, depending on their specific filing requirements.
It’s important to remember that while the IRS accepts tax returns until the extended deadlines, there are still penalties and interest charges for late filing. Taxpayers who file their returns after the April 15th deadline may be subject to a failure-to-file penalty, which can be as high as 5% of the tax owed for each month the return is late, up to a maximum of 25% of the tax owed.
Moreover, taxpayers who file their returns after the April 15th deadline and owe taxes may also be subject to a failure-to-pay penalty, which can be as high as 0.5% of the tax owed for each month the tax is unpaid, up to a maximum of 25%.
To avoid these penalties and interest charges, it’s crucial for taxpayers to be aware of the IRS’s tax return acceptance dates and deadlines. They can also consider hiring a tax professional to help them navigate the tax filing process and ensure their returns are submitted on time.
In conclusion, the IRS typically begins accepting tax returns in early February and has specific deadlines for filing. Taxpayers should be aware of these dates and take advantage of any available extensions to avoid penalties and interest charges. By staying informed and proactive, individuals and businesses can ensure they meet all tax obligations and maintain a good standing with the IRS.
