Not every U.S. citizen is required to file taxes in 2023, but those who meet a minimum threshold set by the Internal Revenue Service must file a tax return this year.
Single filers younger than 65 years old that earn more than $12,950 per year and those 65 and older that make more than $14,700 a year must file their 2023 taxes.
SVB COLLAPSE: FDIC HOLDING AUCTION FOR BANK, FINALS BIDS DUE SUNDAY
Married couples who are younger than 65 and filing jointly must file taxes if they meet the minimum threshold of $25,900 a year. If one spouse is older than 65, the threshold is $27,300 per year, and if both are over 65 years old, the threshold is $28,700.
Heads of households younger than 65 must file taxes if they meet the minimum threshold of $19,400 per year, with heads older than 65 meeting a threshold of $21,150.
The IRS began accepting tax returns on Jan. 23, with the tax filing deadline for taxpayers being April 18. Filers must submit a W-2 form from employers, 1099 bank forms, and 1099-K forms from third-party entities.
To prevent problems from the three previous tax seasons affected by the coronavirus pandemic, the IRS has taken additional steps for 2023 to improve service for taxpayers. The IRS hired over 5,000 new telephone assistors and added more in-person staff as part of the Inflation Reduction Act, which was passed in August.
"With these new additional resources, taxpayers and tax professionals will see improvements in many areas of the agency this year," acting IRS Commissioner Doug O'Donnell said. "While much work remains after several difficult years, we expect people to experience improvements this tax season. That's just the start as we work to add new long-term transformation efforts that will make things even smoother in future years. We are very excited to begin to deliver what taxpayers want and our employees know we could do with this funding."
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Refunds can be expected to arrive less than three weeks from being issued. However, the IRS says that some tax returns may take longer to show up if the agency finds an error during their review, such as missing information on a return.
In 2020, about 144.5 million of the 176.2 million individuals and married couples filed a tax return, according to the Tax Policy Center. This year, the IRS expects more than 168 million individual tax returns to be filed, with most arriving before the April deadline.