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Mastering Your 2023 Tax Return: Turbocharge Your Refund and Safeguard Against Scams

(Photo from: WTOK)

As the curtain rises on the 2024 tax filing season, strategic moves can accelerate your 2023 tax return process and ensure a smoother financial journey. Navigating through electronic filing, refund acceleration, and protection against identity theft forms the cornerstone of a successful tax season.

Mastering Your 2023 Tax Return: Turbocharge Your Refund and Safeguard Against Scams (Photo from: WTOK)

Filing Early for Swift 2023 Tax Return

To turbocharge your tax refund, take advantage of filing your 2023 tax return early. You can expedite the refund process by opting for electronic filing and choosing direct deposit. While the IRS aims for a swift 21-day turnaround, filers claiming specific credits may encounter delays, emphasizing the importance of an early start.

If submitting on paper, earned income tax credit, and refundable child credit, claimants may face delays until late February or beyond. Vigilance is crucial because tax identity theft safeguards may slow processing.

Considering these nuances, electronic filing is the preferred route for an efficient and timely tax return. Beyond the monetary gain, early filers also shield themselves from tax-related identity theft, a rising concern in the digital age.

READ ALSO: 5 States, 1 Warning: Americans May Face Double Taxation Nightmare For Remote Work

2023 Tax Return Electronic Filing Options and IRS Scam Alert

The IRS offers three free options for those seeking cost-effective electronic filing solutions. The Free File program caters to taxpayers with an adjusted gross income of $79,000 or less, providing access to commercial software. Alternatively, knowledgeable individuals with higher AGIs can utilize Free File Fillable Forms. At the same time, a new Direct File pilot program offers step-by-step guidance and real-time support for eligible filers in select states.

Amid the tax season hustle, be vigilant against IRS impersonation scams. The surge in fraudulent calls, emails, and texts demands caution. Tax professionals are particularly vulnerable, facing phishing attempts seeking sensitive client data. Staying alert and promptly reporting suspicious activities ensures a secure tax filing experience.

READ ALSO: Denver Basic Income Program: $50 To $1,000 Monthly For Migrants Amidst Housing Crisis

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