by What are the 2023 Tax Day Deadlines for 2022 IRS State Return e-Filing? When Are Taxes Due in 2023?
- What is IRS Free File?
- What happens if you don’t file taxes?
- How can I get IRS penalty waived?
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How soon will the IRS accept your tax returns in 2023?
You can head to your local tax preparer, go through the IRS Free File program or tap into the latest tax software program. But the IRS won’t begin reviewing your returns until this month’s official start date.
What is IRS Free File?
Can you file your taxes for Free?
IRS Free File is a program offered by the Internal Revenue Service (IRS) that allows eligible taxpayers to file their federal tax returns for free using tax preparation software. The program is a partnership between the IRS and a group of tax preparation software companies. It is available to taxpayers whose adjusted gross income was $72,000 or less in the previous tax year.
To use the IRS Free File program, you will need to visit the IRS website and select a tax preparation software company that participates in the program. You will then be able to use the software to prepare and file your tax return online. Some software companies may offer additional features or support for a fee, but the basic tax preparation and filing services are free for eligible taxpayers.
The IRS Free File program can be a convenient and cost-effective way to file your taxes, especially if you have a straightforward financial situation and are comfortable using technology. However, it’s important to note that the program is only available for federal tax returns, and you may still have to pay to file your state tax return or if you need to file additional forms or schedules.
What happens if you don’t file taxes?
It is important to file your taxes yearly, even if you are not required to pay any taxes. Failure to file a tax return can result in penalties and interest, and it may also prevent you from receiving certain benefits, such as the earned income tax credit or the child tax credit.
If you do not file a tax return, the IRS may file a return on your behalf, called a “substitute for return.” This return will be based on the income reported to the IRS by your employer, bank, and other sources, and it may not take into account any deductions or credits you are eligible for. As a result, the substitute for return may show a higher tax liability than you owe.
If you have a tax debt and you do not file a tax return, the IRS may take collection action, such as garnishing your wages or seizing your property. It’s important to file your tax return and pay any taxes owed to avoid these consequences.
If you are unable to file your tax return on time, you may be able to request an extension of time to file. This will give you additional time to gather the necessary documentation and prepare your return, but it does not extend the time you have to pay any taxes owed.
How can I get IRS penalty waived?
There are a few circumstances under which the IRS may waive a penalty for failure to file a tax return or pay taxes owed:
- Reasonable cause: If you can show that you were unable to file your tax return or pay your taxes on time due to circumstances beyond your control, such as a natural disaster, illness, or another unexpected event, the IRS may waive the penalty.
- First-time penalty abatement: If you have not had any penalties in the past three tax years and you can show that you have made a good faith effort to comply with the tax laws, the IRS may waive the penalty.
- Administrative waivers: In some cases, the IRS may waive a penalty due to administrative reasons, such as an error on the part of the IRS or a delay in issuing a tax form.
To request a waiver of a penalty, you will need to complete and submit the appropriate form (Form 843) to the IRS, along with any supporting documentation. The IRS will review your request and decide whether to grant the waiver based on the specific circumstances of your case.
“The IRS encourages everyone to consider filing electronically and choosing direct deposit,” IRS Commissioner Charles Rettig said in a statement.
