The Internal Revenue Service (IRS) started accepting and processing tax returns for 2022 on January 23, 2023, marking the beginning of tax season.
IRS releases guidance on when to receive tax refunds. (Photo: IRS)
Tax Returns
Americans received an average refund of $3,253 for their 2021 tax returns, but as of February 3, the average refund amount is $1,963, according to CNBC News. It remains to be seen how the average refund size for 2023 will compare to last year’s refunds.
The IRS typically encourages individuals to file their taxes as soon as possible to give them ample time to correct any mistakes or last-minute issues ahead of the April 18, 2023 deadline.
However, the IRS is urging caution this year for taxpayers who received special inflation-related tax relief or payments from their state last year.
Nineteen states offered some type of relief payment in 2022, including Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Maine, Massachusetts, Minnesota, New Jersey, New Mexico, Oregon, Rhode Island, South Carolina, and Virginia.
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Recommendations of the IRS to the Taxpayers
The IRS recommends holding off on filing if you received such payments from your state so they can provide further guidance on navigating the relief, to avoid having to file amended returns, according to an article published in Charlotte Observer.
The IRS also reminds taxpayers to make sure all their personal information and tax documents are correct to ensure a smooth filing process and to avoid numerical or calculation errors when filling out paperwork.
For taxpayers who are unsure about how to file their taxes, there are options for assistance. Websites like TurboTax and H&R Block offer step-by-step guidance and expert reviews, and live assistance or professional filing is also available. By being careful and taking the necessary steps, taxpayers can ensure a smooth and accurate filing process and potentially receive their refund check in a timely manner.
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