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Tax Season is Officially Here!

Audio version available here:

Length: approx. 1 min. 30 sec.

As we come to the end of January 2024, that time of the year is finally here. Tax Season has officially started, and that means that the IRS has begun accepting and processing federal income tax returns for tax year 2023.

But isn’t Tax Day until April 15th? Yes, the official deadline to file and pay your taxes for 2023 is not until Monday April 15th, 2024, but waiting until the last minute to start gathering your documents may not be ideal. If you want to stay ahead of the game, knowing your tax position earlier will give you peace of mind.

Should you submit your tax return NOW?

We do not recommend that because there is new legislation that you may want to wait on before jumping to file your taxes as early as possible. The Tax Relief for American Families and Workers Act of 2024 has not yet been passed, but if it does become law, then certain provisions like the expanded child tax credit could help reduce your 2023 tax bill. Because of this, holding off until the Act is formally voted on may be in your best interest.

In that case, would it be better to file an extension? Keep in mind that an extension to file is not an extension to pay your taxes, so even if you wish to file an extension, you still have the obligation to pay your tax balance by April 15th.

There is a lot that goes into filing your tax return, so if you feel that you need professional guidance, don’t hesitate to reach out to the XQ CPA team for assistance. Our tax experts will make sure your tax return is filed correctly and on time. Give us a call, or schedule an appointment online. We would love to help you.

Phone: 832-295-3353


Close up of 1040 income tax return with pen hovering over "Part 1: Income"


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