Maximize Your Tax Refund this Season – IRS Accepts Returns Now, Deadline April 18
Tax season is upon us, and the IRS is already accepting and processing returns for the 2022 tax year. The standard deadline is April 15, 2023 — but because the 15th falls on a Saturday and is followed by Emancipation Day on April 17, the deadline is extended to April 18.
Those who opt to file electronically and choose direct deposit as their payment method can expect to receive their refund within 21 days. On the other hand, those who choose to file by paper will likely have to wait at least four weeks before funds hit their account. If they opt to receive a check in the mail, it can take up to six to eight weeks for them to receive their refunds.
The IRS also provides a “Where’s My Refund?” tool, so filers can track the status of their refund. Those who filed electronically can check the status within 24 hours, while those who filed by mail may have to wait up to six months.
It’s also important to note that direct deposits are cheaper than paper checks. Paper tax refund checks issued by the federal government cost taxpayers more than $1 each, whereas direct deposits are charged at ten cents a transaction. Plus, direct deposit is simple to set up — you’ll need your bank account and routing number, which can be easily found through your online banking account, or on the website of your bank, or at the bottom of a check.
If you’d like to have your tax refund spread out across several accounts, the IRS allows you to add up to three different bank accounts, which can be beneficial if you’re using one as a savings account. You should also note that you should only deposit your tax refund into a U.S. bank, and in an account that is in your name, or in your and your spouse’s names if you have a joint account.
Aside from filing your taxes early, there are several other tips to consider if you want the fastest possible refund. These include making sure you have all necessary tax documents, registering for direct deposit, and opting for online filing. You can also consider using the IRS’ “free file” program if you earned $73,000 or less last year.
Furthermore, it’s important to be aware of the recent changes to the tax brackets and federal income tax rates.
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