The most straightforward ways to avoid tax-related controversy and accusations of tax evasion involve having your taxes prepared by a knowledgeable professional and filing your return on time. Of course, this is certainly easier said than done. Even when a professional is preparing your return, you’ll be responsible for gathering relevant information, tracking down necessary documentation and being informed enough about the Tax Code that you know what financial circumstances need to be addressed as matters of taxation.
Additionally, filing your return in a timely fashion may be challenging, especially if your taxes are complex. As a result, it is important to take note of the fact that Tax Day is now less than one month away. Therefore, if you haven’t started working through your return in earnest, you either need to start or you need to ask for an extension.
Tax Day is on a different day in 2023
You do have a few more days than usual to file your return this year, which may prove to be a helpful time cushion. Ordinarily, taxes are due on April 15. However, the District of Columbia’s Internal Revenue Service offices is closed on April 15, this year, which falls on a Friday. The closure is linked to Washington D.C.’s local observance of Emancipation Day.
As a result, taxpayers across the country will not be required to file their returns until April 18. Disaster victims in several states and taxpayers who are living abroad benefit from additional filing delays.
Time is ticking, so if your taxes are complex or you have any concerns about matters that could result in a tax controversy, it is time to seek professional guidance in advance of this year’s filing deadline.