One of the most pressing questions of a taxpayer who files their tax earlier is when can I expect my tax refund to come? Hence, here’s when you can expect to receive a refund.
IRS 2023 Tax Filing Season: When Will You Receive Your Tax Refund? (PHOTO: Money)
The 2023 Tax Season
January 23, 2023, marks the first day of the American 2023 tax filing season in the US. The department of Internal Revenue Services (IRS) is currently accepting and processing 2022 tax returns. It is expected to receive around 168 million individual tax returns between now and the April 18th deadline.
The 2023 tax filing season will also designate another step toward tax returns to normal with 2020 and 2021 being marred by the lockdowns that were in place to protect against the COVID-19 pandemic. The implementation of the Inflation Reduction Act has also noticed the IRS add to its numbers with an additional 5,000 new telephone support staff on hand to assist filers to have a smooth experience.
The Tax Deadline Is On April 18th
This year’s tax season will also see filers have three extra days to file their returns as April 15th, the usual deadline to file your taxes falls on a Saturday. According to the regulations, the IRS should move the deadline day to the next business day if it falls on a weekend.
However, the following Monday is Emancipation Day, a holiday acknowledged in Washington, D.C., where the IRS is headquartered, meaning that the deadline will fall on Tuesday, April 18th. Normally taxpayers have until April 18 to file their taxes this year, but some taxpayers living overseas and disaster victims may have later filing deadlines. California, Alabama, and Georgia storm victims now have until May 15 to file various federal individual and business tax returns and make tax payments.
If we go by previous years the tax refunds from IRS will likely release two weeks from the time they file their taxes for 2022. That goes without saying but the earlier one files their taxes the sooner they will receive their refunds, especially since March is typically when the IRS experiences its highest traffic. It is also important to keep in mind that those claiming Earned Income Tax Credit (EITC) or Child Tax Credit (CTC) will encounter a delay of two to three weeks as the IRS verifies these claims.
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