The tax season this year runs from January 23 through April 18 and the IRS started taking tax refund on that date.
The latest IRS statistics show that millions of taxpayers are following the advice to file their forms as soon as possible in order to receive their refunds as promptly as possible.
Tax Refund 2023
This tax season, the first to benefit from the Inflation Reduction Act, a law passed in August to give more staff and resources, is expected to see the IRS received more than 168 million individual tax returns.
The IRS has received 18,946,000 2022 returns so far, according to the most recent filing numbers for the 2023 season, which encompass up to the week ending on February 3. That represents an increase of 13.5% over the 2022 filing season at the same time last year. The IRS has processed 16,767,000 of the 18.9 million received returns or a staggering 29.1% of the total.
Those who file electronically and are eligible for a refund should expect it in 21 days if direct deposit is chosen and there are no issues with the return.
The government is not allowed by law to distribute refunds, including the Earned Income Tax Credit or Additional Child Tax Credit, earlier than mid-February in order to help prevent the issuance of bogus refunds.
The majority of People must file their taxes by Tuesday, April 18, 2023. Considering that April 15 is a Saturday and that April 17 is a working day in Washington, DC, this is the case.
Anyone in Alabama, California, or Georgia who was affected by devastating hurricanes has until May 15 to file their taxes.
If you are serving in the military abroad, whether in a combat area or as a part of a contingency operation assisting the US Military Forces, you may be given a longer time to file your return.
Taxpayers have already been forewarned by experts to anticipate reduced refunds as a result of a number of circumstances, such as the termination of stimulus programs from the epidemic era and other tax benefits. Of course, depending on your particular tax circumstances, that doesn’t necessarily mean your tax refund will be less than it was last year. Moreover, if more returns are received, the average refund amount for 2023 may increase (or decrease).
Read more: Mortgage interest rates decline prompting 5% surge in refinancing applications
Tax Filing Extension
It’s possible to file for a tax extension either online or by mail. Send the IRS your extension request by April 18 at the latest to avoid having to pay a late filing penalty.
The new extended deadline for filing your tax return for the year 2022 is October 16, 2023.
Submitting an extension, however, does not push back the payment deadline.
All payments must be made by the due date to avoid late charges. Put another way, getting an extension gives you more time to complete your tax return.
Read more: Child Tax Credit 2023: Can non-tax filers claim payments for their dependents?
