2023 IRS income tax refunds will start crediting to the taxpayer’s account from the new year. It is early to assume about the return to expect, but again this has been the trending search for learning about 2023 income tax refunds. Moreover, it is also perfect to plan and take benefit of all the year-end strategies which can help you to reduce the tax. It is always advisable to seek the professional help of a CPA or EA to maximize your tax benefits. If you have bought a house, retired, divorced, upgraded investment plans, had a child, or made other changes, you can save a considerable amount.
However, one question continuously bothering taxpayers is whether the 2023 filling season is like the pre-pandemic period. It will be expected, just like in the pre-pandemic times. There were stimulus payments for Americans during the pandemic that were an advantage for the majority. But for many businesses, there were deductions, while some even enjoyed tax credits. There was a lot of chaos in the last two years’ tax season due to a staff shortage. Some even got their tax returns and stimulus payments delayed from the original date.
2023 IRS income tax refunds will be different from that. It will be hassle-free for individual taxpayers and businesses. But will 2023 IRS income tax refunds start processing? Find all the information right here.
When Will Tax Refunds and Returns Be Processed?
2023 IRS income tax refunds will commence tax returns from the last week of January as per the protocols of the IRS. However, if any new legislation is introduced or passed by year-end, there can be a delay in starting the tax season. It can undoubtedly get pushed by a week or two. Early tax filers can expect their 2023 IRS income tax refunds around mid or late February. On the other hand, there is an additional delay of a minimum of one month for taxpayers with Earned Income Tax or Child Tax Credit. This is mainly because the IRS verifies the taxpayers’ eligibility to check if they qualify to enjoy the benefits.
Moreover, there will be no extension in the 2023 tax filing deadline, unlike the previous two tax filing seasons. Most Americans will get 2023 IRS income tax refunds through direct deposit in only two weeks. But during peak filing season, which is usually in late March, it will take longer time. Thus, it is always recommendable to e-file every single document for faster returns and refunds.
For taxpayers who file taxes for return through mailing the paper version, there will be as much as 3 to 4 weeks delay. This delay will happen due to the front end of the process. The return needs manual labor. One needs to manually fill it into the IRS system, which consumes a lot of time. Then the processing will begin.
When Is The Deadline For Filing?
The 2023 IRS income tax refunds and returns deadline is 18th April 2023. Usually, the date is 15th April, but this time, the 15th is on Saturday. Following that, though 17th April 2023 is a Monday, it is Emancipation Day. The whole of Washington DC celebrates it as a holiday. Since the IRS has its headquarters in Washington, D.C., even this day was out of the question. Moreover, the 17th of April is also a state holiday in Maine and Massachusetts since it is Patriot Day.
Thus, the IRS chose the next business day, 18th April 2023, to move the deadline giving enough time for Americans to file. The IRS decided to fix a date that would be convenient for all Americans. The taxpayers will receive their 2023 income tax refunds in only 2 to 3 weeks through checks or direct deposit.
Since the tax season is on, file all your taxes and get the benefits you deserve, the eligible candidates will get 2023 income tax refunds and returns in due time, and this time, it will be much more stress-free. So, did you file your taxes at the earliest? Then your 2023 income tax refunds are about to credit!