Tax season 2023: When is the best time to file your taxes?
Getting your tax affairs in order early will not only provide peace of mind, but should ensure that you get your tax refund more promptly too.
Tax season 2023 is now underway and an estimated 168 million people are expected to file a return in the coming months. The deadline to get your tax return in by is Tuesday, 18 April.
However there are some groups who can submit beyond that date without receiving penalties. Victims of the recent winter storms in parts of California, Georgia and Alabama have seen their deadlines extended to Monday, 15 May.
You can also request a six-month filing extension if you need more time to complete your return, but bear in mind that you will still need to have paid any outstanding tax by the original deadline.
However, the IRS advises all filers to get their returns in as early as possible to avoid delays in the processing and distribution of tax refunds. A majority of filers are expected to receive a tax refund this year, and submitting your taxes early means you stand to receive your payment more quickly.
It also ensure that you have plenty of time before the 18 April deadline, just in case you find any issues when you come to submit your return.
How to make sure you get a tax refund quickly
Tax season is often greeted with a sense of dread, but in reality it brings about a refund payment for most filers. The tax system is structured to ensure that workers normally pay enough tax during the year to comfortably cover their eventual tax liability.
However this means that they are often left having paid slightly too much over the preceding 12 months, and they are eligible for a tax refund from the IRS.
In the past three years these refund payments have been bolstered by a number of pandemic-era relief programs like stimulus checks and the expansion of the Child Tax Credit. These initiatives from the federal government have now been rolled back.
However the average refund amount is still likely to be well in excess of $2,000, representing a significant windfall for the typical household. If you’re eager to get that money in the bank as swiftly as possible, here’s a few top tips to get your tax refund quickly…
- File your taxes early – The simplest way to get your refund first is to be the first to submit your taxes. Avoiding the annual ‘late rush’ of tax returns is a must if you want a swift refund.
- Avoid a paper submission – The old ways are the best? Not when it comes to tax returns. Take advantage of the IRS’ digital submission system to get your refund weeks before paper returns have been processed.
- Request a direct deposit – Like with the submission, opting to receive your refund payment digitally will save lots of time. The IRS takes longer to produce the paper checks and it can take weeks for them to be mailed out to recipients.
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