Stead & Associates

Who has to file tax returns?

With tax season around the corner, you may have several questions about how and where to file your taxes. Almost everyone should file their taxes using the Form 1040 for individual annual income tax returns. This form will calculate the amount of taxes you owe on your annual income or the amount of the tax refund you will receive [1]. Regardless of whether or not you are self-employed,, work as an employee for a company, or simply live off investing capital, you should file a Form 1040. The IRS provides tables and charts indicating how your gross annual income and marriage status can affect your filing as well [2]. In general, those who need to use a Form 1040 when they file their taxes will include:

  • single individuals under 65 making at least $12,200.00
  • single individuals over 65 making at least $13,850.000
  • married couples filing jointly (both spouses under 65) making at least $24,200.00
  • married couples filing jointly (one spouse over 65) making at least $25,700.00
  • married couples filing jointly (both spouses over 65) making at least $27,000.00
  • married couples filing separately at any age making at least $5.00
  • heads of households under 65 making at least $18,350.00
  • heads of households over 65 making at least $20,000.00
  • qualifying widow(er)s under 65 making at least $24,400.00
  • qualifying widow(er)s over 65 making at least $25,700.00

This list shows that nearly everyone filing a tax return will need to use the Form 1040. Even if you do not think you need to file a Form 1040, you should still file it because you can recover any withheld federal taxes for the year. This puts money back in your pocket where it was originally taken out [3]. In order to fill out a Form 1040, you will need your social security number, your spouse’s and dependent’s social security numbers, dates of birth for you, a spouse, and/or your dependents, your W2 or 1099, proof of tax credits or deductions, your past tax return, and your bank account number and routing number.

The 2023 tax deadline is April 18. This deadline applies to those filing electronically as well as via mail. Those serving in the armed forces may be able to file at a later date [4]. For those filing via mail, a tax return is considered on time if it is deposited in the mail by April 18 [5]. If you cannot file by the due date of your return, you can and should request an extension [6]. You will receive you federal tax returns faster if you file electronically (and even faster still if you use direct deposit) in typically about three weeks’ time. If you are using mail services to physically mail your tax returns, the return can take up to six weeks for processing and returns. If you e-file your tax returns, you do not need to file them by mail. Form 1040 and other tax forms can be found on the IRS’s website [7]. The Form 1040 found on the IRS’s website can be used for both online filing and filing via mail services [8]. While these tax forms can be completed individually, consulting with a tax professional is a wise choice for those who want to ensure their tax returns are accurate.

Regardless of how you file, there are a few additional things that should be attached to your tax return when you file it. A copy of Forms W-2 or Forms 1099-R from your employer are essential for your tax filing as well as your signature (whether electronic or physical). When filing a joint return, both spouses must sign the return [9].

Businesses may have different tax deadlines than individuals. For businesses with employees in 2022, Forms W-2 and Forms 1099 are to be submitted to the IRS by January 31, 2023. For partnerships, multi-entity LLCs, and S-corporations, 1065 and 1120S returns with the Schedule K-1s are due March 15. For C-corporations, Form 1120 is due on April 18 [10]. Self-employed individuals are required to file tax returns quarterly. These payments are typically due April 15, June 15, September 15, and January 15, but vary by year. C-corporations also must file by December 15. For businesses with employees, the IRS requires Form 941 to be filed quarterly for federal income and other payroll taxes that the employer withheld from employee paychecks. The due dates for filing and paying them are April 30, July 31, October 31, and January 31. Adjustments are regularly made for federal holidays and observances. If you are unsure of your 2023 tax deadline, visit the IRS tax calendar for more information or consult a tax professional [11]. Tax professionals can use Private Delivery Services (PDS) designated by the IRS in order to meet the tax returns and payment deadlines [12]. So, if you’re concerned about not making the appropriate deadlines and dates, consult with a tax professional who can help.