On January 12, 2023, the Internal Revenue Service (IRS) announced that January 23, 2023, will mark the beginning of the 2023 tax season. This means that the agency will start accepting tax returns and processing them by January 23, 2023.
As per the information released by the agency, around 168 million tax returns are expected to be filed. The deadline for submitting the application is April 18, 2023. People will receive extra three days this year to file their tax returns due to the calendar.
As the number of expected tax returns is such a high number, it is practically difficult to determine the time at which you will receive your refund. In order to calculate the time when each person will receive two factors should be considered; One is the time at which you file the return and the second is the mode of filing the return.
Usually, there is no delay on the part of the agency in starting the processing of the application but it is believed that if you have a direct deposit, then it will be easier for you to receive your benefit. There is a fixed number of days before the IRS starts processing the applications that they receive.
Generally, the IRS starts to process direct deposit refunds within 7 to 10 days after receiving the tax return. This means that if you are a person who files the return electronically, then the return should be credited to your bank account within an average of 21 days.
Unlike returns filed electronically, paper checks usually take more time in processing so it might take two to three weeks for you to receive your money. People filing their tax returns should also note that if there is any wrong or incomplete information in their application, that can also cause a delay in receiving their refund.
IRS Refund Schedule 2023
IRS has already announced the date on which people can start to submit their tax returns but as the processing odd these applications can vary depending on different factors, there is no specific date as to when people will start to receive their benefits.
Even though there is no official date, people can approximately define the date on which they will receive their benefit.
If you are a person who has submitted the return by paper, chances are high that your processing will take more, which can on average, go up to a month. But if you are a person who has filed electronically, then chances are high that you will receive your, only faster, with an average processing time of 10 days.
It should also be noted that the mentioned time span is not something officially confirmed by the IRS but is just a calculation based on the general processing time of applications.
If you are really concerned about the status of your payment, then you can make use of the ‘Where’s My Refund tool’ which is available on the IRS website. This tool can help in arriving at an estimation regarding the day of receiving the refund.
Avoid Mistakes
IRS is very much concerned about the large number of return files and they aim to deliver the benefits faster to the applicants. In order to make this hectic task much faster and easier, the IRS has hired new staff.
According to reports around 5,000 new telephone assistants, along with more in-person staff are added to the tram to make the process easier and faster.
Even though there has been an addition of staff, there are chances that your benefit may be delayed due to mistakes on your part.
Extra caution should be taken while filling in the information and if there is any incorrect information, it can definitely cause a delay. So, before filing the tax return make sure that you have access to all the needed information before filing.
It should not be forgotten that making a mistake in your original tax return file will require you to file an additional amended tax return.
Also, people who are filing their tax returns should make sure that they have gone through all documents so that they are not missing out on any other tax credits that they are eligible for.
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Dates To Remember
If you are a taxpayer who is planning to submit your tax return soon, then it is compulsory that you mark the following dates for your convenience.
- January 13, 2023
The IRS Free File Opened – IRS Free File is a service that can help you prepare and file your income tax returns easily through online services. It can be accessed through an IRS partner site or through free file fillable forms. The service aims to make the process of filing a tax return easier and safer. There is no additional charge levied for the service.
- January 17
It is the due date for the 2022 tax year fourth quarter estimated payment.
- January 23
The date officially marks the beginning of the 2023 tax season and the IRS starts accepting and processing 2022 tax returns.
- January 27
Earned Income Tax Credit Awareness Day – This day is celebrated with the aim of raising awareness of tax credits that are available to people, which can be used for their own benefit.
- April 18
This date marks the deadline to file a 2022 tax return or also to submit a request for an extension.
- October 16
The date marks the deadline for people, who have requested an extension to file their tax returns.
The IRS website also gives the applicants provision to check their refund. The information is constantly updated once a day, overnight and people should keep in mind that the service can only be of use if you check after 24 hours of filing the return.
Also, people can check their refunds using the site and for this, you will need to have access to information like Your social security or taxpayer ID number, your filing status, and finally the exact refund amount on your return. The service can also be accessed from mobile phones.
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