IRS tax season just opened. Follow these 5 tips if you want a speedier refund

 

By Michael Grothaus

Today is January 23, 2023, which marks the first day that the Internal Revenue Service (IRS) will accept tax returns for the 2022 tax year. The IRS says it expects more than 168 million people will file individual tax returns this year between today and April 18, 2023, which marks the end of the tax filing season. The normal April 15 deadline is extended this year because April 15 falls on a weekend in 2023 and Monday, April 17, is the Emancipation Day holiday in the District of Columbia.

The good news about this tax filing season is that the National Taxpayer Advocate says 2023 should see shorter delays for refunds than 2022 saw. That’s due to the IRS narrowing the unprocessed return gap from 11.5 million at the beginning of last year’s tax season to just 4 million by the end of 2022.

Still, if you want to ensure the speediest tax refund possible, the Taxpayer Advocate Service recommends you do the following when filing your tax return this season:

    Don’t file your return until you’ve received all of your W2s and 1099s. These forms will verify your actual earnings for the tax year, so it’s best to rely on them when tallying your income instead of manually adding up months’ worth of pay statements. Employers must send out W2s and 1099s by January 31.

    Double-check your personal information. Delays in refunds are often caused by incorrect information on a tax return, such as a wrong date of birth, a misspelled name, an incorrect tax identification number, or wrong or incomplete bank account information. Double-check that all this info is correct before filing your return.

    Be sure to attach all forms and schedules to your return. Different types of income and different types of credits require additional tax forms. Make sure all these forms are attached to your return as their absence can cause delays in processing.

    Maximize your refund by checking for all credits and deductions available to you. What you can deduct or get credit for can vary from one year to the next, so make sure you know the credits and deductions you are eligible for in the 2022 tax year.

    E-file your return. E-filing a return can lead to you getting a tax refund much faster than if you paper-file a return. And remember, the IRS’s Free File program allows individuals who need to file a return and who made $73,000 or less in 2022 to use brand-name software from commercial tax filing companies at no cost.

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