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Sunday, December 4, 2022

When Can You Start Filing Taxes?

Did you know that in the year 2022, there are 155 million tax returns recorded?

The important thing to keep in mind is that you should never wait too long to get started. Knowing when can you start doing taxes and when you have everything completed is the first step to knowing when to start worrying.

If you are looking to start filing taxes, we’ve got the information you need to know.

Keep reading to find out when can you start doing taxes.

Gather All Information and Documents

You can start filing taxes as soon as you have the information for your tax return. This means that you need to have your W-2 forms and other documents related to your income and taxes.

You also need to have your Social Security number and other information ready. You can use online tax software to help you complete taxes, or you can contact tax resolution services.

Fill Out Your Tax Return

Once you have everything you need, you can begin filling out your tax return. The Internal Revenue Service (IRS) began accepting tax returns for the previous year on January 1. However, they don’t start processing them until mid-February.

The IRS recommends that taxpayers file as early as possible to avoid any delays in processing.

Filing as a Single Taxpayer

As a single taxpayer, you can begin filing your taxes on January 1 of the year in which you will be required to pay taxes.

However, if you expect to owe taxes for the previous year, you may want to file your return as early as possible to avoid any penalties or interest charges. If you are due a refund, there is no penalty for filing your return late.

Filing a Joint Return

If you are married and live in a community property state, you may file a joint return with your spouse. In order to do so, both spouses must agree to the filing status.

If you file a joint return, you are jointly and individually responsible for the tax and any interest or penalties due. This means that if your spouse does not pay the tax due, the IRS can collect it from you.

Filing a Separate Return

When it comes to filing taxes, if you are married, you have the option of filing a separate return. This could be beneficial if you feel that you would benefit more from certain deductions or credits.

However, filing a separate return could also mean that you end up paying more in taxes overall. Therefore, you need to consider your unique financial situation before making a decision.

When Can You Start Doing Taxes?

You can start filing your taxes as soon as you have all the necessary information and documents. You may also want to consider if you are filing as a single taxpayer, filing a joint return, or filing a separate return.

Now that you know the answer to “when can you start doing taxes,” it’s time to get started on your own taxes. Tax season can be daunting, but with a little preparation and the help of a professional, you can complete taxes with ease.

For more informative content about taxes, check out the rest of our website.

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