Tax Day 2023 and how to get an extension from the IRS
Tax Day is on Tuesday, Apr 18, 2023. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!)
Your filing status is perhaps the most important piece of information when it comes to tax withholding.
Your filing status plays a crucial role in determining your tax withholding. Depending on what filing status you select, your employer may withhold more or less from each paycheck.
This is no different than the usual withholding process; employers use your W-4 to determine how much tax to withhold. If your employer withholds too much, you will receive a tax refund. If your employer withholds too little, you will end up owing the government money.
What People Are Saying About The New W-4
Your family situation and marital status determine your filing status. The IRS offers several different choices for a filing status to best reflect your scenario.
What are your options?
Single
Married filed jointly
Married filing separately
Head of household
Qualifying widow with a dependent child
Note, the IRS says, “your marital status on the last day of the year is your marital status for the entire year.” To add, if you think you might fit under more than one filing status select the status that entitles you to pay the lower taxes.
Make sure to know your filing status to have accurate withholding. This will prevent you from owing money when you file your tax return. If you're confused about your filing status, remember it's set by your family and marriage scenario.
Need help setting up your W-4? Check out our free W-4 Assistant
Tax Day is on Tuesday, Apr 18, 2023. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!)
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