Learning & Guidance | Skyla Credit Union

What Do I Need to Know About Filing My 2023 Taxes?

Written by Yanna | Jan 19, 2024 4:20:26 PM

One of the least fun things to do as an adult (well, in my opinion anyway) – is taxes. *groans*

I've done my own taxes enough times to say it's not fun - not one bit.  Having navigated my tax obligations for quite some time now, I can confidently say that it's not a fun process. Nevertheless, as a homeowner for over a year, my 2023 tax forms won't see many changes.

Either way, it'll all go smoothly when I spend the afternoon plugging everything into TurboTax. I just don’t like doing it. I know I'm not the only one who feels this way but unfortunately, it has to be done.

Since you can't come into a Skyla branch to file your taxes like at a tax prep company, I’ll share the "need to know" tax information to help make the filing process easier. Tax Day is on April 15, 2024, so I’ve pulled together a list of resources to also help make this task easier.

 

ready to get started? here's the quick and dirty of what we'll cover:

 

tax glossary

Let’s face it… the amount of tax jargon thrown around can be overwhelming! So before you get started filing, here's a short list of terms you’ll want to know. If you want to take an even deeper dive into taxes, check out the IRS’s complete tax glossary here.

[faq1]

 

when are 2023 taxes due?

Tax Day for the year 2023 is Monday, April 15th, 2024. If you’re planning on mailing your taxes in, they must be postmarked by that date to not be considered late.

If you don’t think you’ll be able to meet that deadline, file for an extension as soon as possible. To file an extension, visit the IRS’s website here.

 

can i file my own 2023 taxes?

The short answer? Yes, you can absolutely file your own taxes. However, as your life changes, so will your tax situation (think – growing your family, changing jobs, buying a new house or car, investing, etc).

If you can answer “yes” to these questions, chances are you’ll be able to file yourself. The IRS even offers free e-filing for simple returns. If you couldn’t answer a simple yes, it would probably be smart to get help when filing. The last thing you want to do is file your taxes incorrectly and have the IRS after you!

  • You’re a numbers person
  • You’ve kept the same job
  • You don’t have any dependents
  • You don’t own property
  • You don’t have investments
  • You understand tax laws

 

Want to know how to file your own taxes? I have just the thing. 

 

when do i get my refund?

If you’ve filed your taxes and are getting a refund, the IRS typically processes returns within 21 days of filing, but there are no guarantees. You can always check on the status of your refund on the IRS website (you’ll need your Social Security Number or ITIN, your filing status, and the exact refund amount). You can check-in as early as 24-hours after filing.

QUICK TIP: It might be tempting to use your tax return to splurge on a vacation or buy something cool, but putting that unexpected bonus towards debts (like credit card or car payments or student loans) or using it to jump-start an emergency fund or savings account will reward you in the long run.

[faq2]

 

why didn’t i get a refund?

I’ll be honest, I Google this question every year because, without fail, I always end up having to pay more taxes... Meanwhile, everyone else gets a fat check of a tax return. If you’re not getting a return because you came out even or owe more on taxes, it’s likely because:

  • Your withholdings throughout the year were perfect! This means you don’t owe anything, but you also don’t receive anything. Realistically, this is what everyone should aim for and you won the tax game. (bravo!)
  • You earned extra income: This could include any property you own or stocks and bonds you may have invested in and made money on. If you do have extra income, you’ll likely owe more money in taxes. Since I am a homeowner and have some investments in the stock market, I fall into this category.
  • You have outstanding taxes or other debts owed: If you’ve failed to pay any of your taxes in the past, have debt from federal student loans, are overdue on child support, or have state income tax liabilities, the IRS may choose to use your Tax Return to put towards your debts instead.

via GIPHY

 

are there any scams i should know about?

The IRS releases what they call the “Dirty Dozen” each year with the top 12 scams they find. They release a new scam daily, so you can stay up to date with the 2022 and 2023 lists by checking out the IRS website.

QUICK TIP:  The IRS will always contact you via mail before ever trying to reach you over the phone. If someone calls you claiming to be from the IRS and you are not aware they were trying to contact you, ask the caller to provide their name and badge number, then call them back using the main IRS number: 1-800-366-4484.

 

ready to file?

As you prepare your documents, keep this blog article close in case you need help filing your taxes. The important thing to remember is everyone has to file their taxes, so sometimes your friends and family are great resources and can point you to where they found help.  If you're looking for more info on how  to file your own taxes or where to see professional help, here's what'll help.