The Internal Revenue Service kicked off the 2023 tax filing season and informed taxpayers that it may be smaller and could take longer to process.
2023 Tax Season: Here’s Why IRS Warns to Plan Your Tax Refund Spending Carefully (PHOTO: AZCentral)
2023 Tax Season
The IRS is cautioning taxpayers at the start of the 2023 tax filing season that they should expect smaller refunds due to pandemic relief measures that have been allowed to expire and remind to every taxpayer to file electronically with direct deposit to speed refunds and avoid delays.
Furthermore, there is some instance that a refund will never show up as you expected. Several taxpayers files early in 2023 and began using e-filing returns on January 23 and can expect their tax refund before Valentine’s Day. According To IRS most of the individual tax returns for the 2022 tax year are expected to be filed before the April 18 tax deadline. However, some taxpayers living overseas and disaster victims may have later filing deadlines. Those states experiencing storms such as Alabama, Georgia, and California have until May 15 to file various federal individual and business tax returns and make tax payments.
Additionally, IRS said taxpayers who electronically file a tax return with no issues and choose direct deposit should still receive their refund within 21 days of the date they file similar to previous years. Due to tax law modifications and the elimination of the Advance Child Tax Credit and no Recovery Rebate Credit this year to claim pandemic-related stimulus payments, many taxpayers may find their refunds somewhat lower this year.
Here’s The Fastest Way To File Your Tax Refund
The fastest and most convenient way to file your file returns is through e-filing, it can help you avoid paper returns and delays. Hence, IRS encourages taxpayers to file their tax returns electronically with a direct deposit instead of submitting a paper tax return. Taxpayers can opt for IRS Free File on IRS.gov, other tax software, or a trusted tax professional. Members of the armed forces and qualifying veterans can process their federal tax return and up to three state tax returns for free electronically using MilTax, a Department of Defense program.
Lastly, IRS offers online options for free help to answer your common question regarding tax filing 2023, just visit IRS.gov to get answers to tax questions, check refund status, or pay taxes.
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