The Internal Revenue Service (IRS) has set the stage for the upcoming tax season, revealing that Americans can commence filing their taxes from Monday, January 29. With most refunds expected to be issued within 21 days, early filers could potentially receive their tax refunds by early to mid-February. The filing deadline for the majority is April 15, but taxpayers in Maine and Massachusetts have until April 17 due to statewide holidays. To expedite the process, the IRS encourages individuals to follow specific filing steps, utilize online platforms, and take advantage of the Earned Income Tax Credits, with the portal opening on January 12 for those making $79,000 or less in 2023.
Photo from: CBS News
Strategies for Swift Refunds and Efficient Filings
As tax season approaches, individuals eager to receive their refunds promptly can adopt various strategies. Leveraging the IRS Free File portal, available from January 12, is one such tactic, enabling early preparation for the filing process. Applying online, especially for Earned Income Tax Credits, can expedite refund timelines, with the IRS expecting to process over 128.7 million individual tax returns. The emphasis on electronic filing and direct deposit stands out as the preferred method, ensuring a smoother and faster refund process.
The IRS underscores the importance of early preparation for tax season, urging individuals to gather essential documents such as working forms, proof of taxable income, and social security or taxpayer identification numbers.
Although official tax return processing begins on January 29, taxpayers using software companies or tax professionals can commence their preparations in advance. The convenience of online filing, particularly for those with incomes of $79,000 or less, aligns with the IRS’s push for efficient and timely processing.
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Tax Season Dynamics
As tax season unfolds, the IRS anticipates challenges related to paper filings due to staffing issues, advising against this method to avoid delays. Electronic filing with direct deposit emerges as the IRS’s favored mode of tax payment, streamlining the process and expediting the delivery of refunds.
The announcement provides valuable insights into the IRS’s expectations, strategies for taxpayers, and the overarching dynamics shaping the upcoming tax season.
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