The IRS has announced the kick-off of the 2023 tax season, slated to begin on January 29, marking the start of tax filings and hinting at expedited refunds, fostering hope and financial relief for many taxpayers.
Refund Anticipation
The IRS‘s announcement of tax filings starting on January 29 brings relief, promising most refunds within 21 days, potentially leading to early refunds as soon as February, offering a financial boost to eager Americans.
The tax filing deadline for most Americans remains April 15, with Maine and Massachusetts residents benefiting from an extended deadline until April 17 due to statewide holidays, allowing ample time for a smooth filing process.
Provisions by the IRS promise expedited refunds, aiming for Earned Income Tax Credit refunds by February 27 and child tax credits by mid-February. The IRS Free File portal, accessible from January 12, facilitates faster filing for taxpayers earning $79,000 or less in 2023.
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Preparatory Measures
The IRS advises early preparation, emphasizing the importance of gathering essential tax documents, documenting taxable income, and ensuring possession of a valid social security or taxpayer identification number.
Although tax return acceptance begins on January 29, individuals using tax software or professionals need not wait to start their tax preparation. However, for those opting for paper returns, potential delays might occur, with the IRS urging electronic filing for quicker processing and refunds. The IRS aims to process over 128.7 million individual tax returns, emphasizing streamlined filing experiences and timely refunds.