2023 Tax Season is soon

IDAHO FALLS, Idaho (KIFI) - Tax season is starting up soon. In fact, the IRS will start collecting business tax returns on Thursday. Although it usually starts up in late January, there is no official word on when the IRS will start collecting personal tax returns.

During this time, we can prepare all of our documents. Experts recommend putting them all together in a folder to be ready to go. There are a few documents which are not available to some of us yet which should come out later in February.

Important documents to include in this folder include the W-2 and 1099 forms. Other important forms include donations, gambling winnings, mortgage interests, and child care payments.

A valuable contribution to the tax return could be off a retirement plan. In 2020, some people took out money from their retirement accounts due to COVID. This is the last year to get a tax return on the payment that was taken out from those accounts.

The usual day for the tax return deadline this year falls on a weekend, so tax returns for 2023 are due on Tuesday, April 18.