Tax season is upon us. Studies show approximately 30% of Americans rely on their tax refunds to make ends meet. For some it’s important to know when to expect an IRS tax refund so it can be deposited directly into a savings account, pay off bills or help in other ways. Here is a general timeline for the 2023 tax refund schedule, as well as some tips on things you may need to know as you prepare to for tax filing season.
When Are Taxes Due?
For individuals, the tax deadline is Monday, April 18, 2023. This is because April 15th falls on a Saturday, and April 16th is Emancipation Day—a holiday observed in Washington D.C. but not in other states. The Internal Revenue Service (IRS) typically grants taxpayers an extra weekend day or two to file their taxes, but if you don’t file by April 18th, you may be subject to late fees and penalties.
For businesses, the tax filing deadline is slightly different. The deadline for LLCs and S-Corporations to file a tax return and pay any balances is March 15, 2023. Businesses owing money must ensure their payment is postmarked no later than March 15th to avoid late fees and potential penalties from the IRS. It’s important to note if March 15th falls on a weekend or holiday, then the deadline will move up one business day prior.
When Can I Expect my Federal Refund for 2023?
Several conditions can affect the status of your refund, such as whether you claim an earned income tax credit or an additional child tax credit. Still, the IRS states most tax refund payments can be expected to be issued within 7-to-10 days for tax returns filed electronically with direct deposit or 6-to-8 weeks for tax returns filed by mail. If there are any delays, the IRS will notify taxpayers through their online accounts. Taxes filed during the peak season may take longer to process due to high volume.
Are There Tips To Help Me Get My Refund Faster?
If you’re looking for ways to speed up getting your tax refund in 2023, there are several simple steps that you can take. First and foremost, make sure all of the information on your tax return is accurate before filing. Even minor errors can delay processing times significantly.
Make sure that all documents are correctly signed. If any documents are missing signatures or other identifying information, it could lead to delays in processing as well as potential issues with fraud detection measures taken by the IRS. Additionally, filing your tax return electronically with direct deposit is a faster way to file than a paper return.
Ways to Check Your Refund Status
Waiting anxiously for your tax refund? Don’t worry, you can quickly check the status of your refund online.
Step 1: Visit the IRS Where’s My Refund website. Where’s My Refund is a free service offered by the Internal Revenue Service that allows taxpayers to view the progress of their refunds. You will need to provide some information, including your Social Security number, filing status, and the exact amount of refund you are expecting.
Step 2: Once you enter all necessary information on the IRS website, click “Submit,” and you will have an update on the status of your tax refund. The website will display one of three statuses: accepted, approved, or sent.
If the IRS has accepted your tax return, it means they have received and begun processing it. If it has been approved, it means your return has been processed, and the IRS is getting ready to send out the refund. Finally, if it has been sent, it means your refund has already been issued and sent out either via direct deposit or a paper check in the mail.
Step 3: If you still don’t see any updates after 24 hours from when you filed your tax return electronically or four weeks from when you mailed a paper tax return, then it is time to give them a call at their toll-free hotline (1-800-829-1040). A representative should be able to help answer questions or provide detailed information about why there is a delay in processing your refund.
Using the IRS2Go App
If online options aren’t available or convenient for you, consider downloading the free IRS2Go app onto your phone or tablet. This app helps you track down not just refunds but any correspondence from the IRS regarding your taxes in general. After downloading the app and creating an account with basic personal information, use it to check on updates about any forms or documents sent by mail, as well as keep tabs on refunds coming in through direct deposits or paper checks. You’ll need the following information with the app as well—social security number, filing status, expected amount—to access this information through IRS2Go.
What Might be the Reason for a Delay?
If you feel your refund is taking too long this tax season, there can be several reasons why your tax refund may be delayed.
Tax Documentation Errors
As mentioned above, one of the most common causes of delays in tax refunds is errors on the return form, so be sure to file an accurate tax return. Common mistakes include incorrect Social Security numbers, misspellings of names, and incorrect calculations, math errors, or incorrect bank account information affecting direct deposit with your financial institution. It’s important to double-check your tax return before submitting it so you can avoid any unnecessary delays due to errors.
Identity Theft or Fraud May Be Holding Up Your Tax Refund
Another frequent cause of delays is identity theft or fraud. The IRS has recently implemented a system to detect fraudulent tax returns and prevent them from being processed. If your return is flagged as suspicious, you may experience a longer waiting period for your refund as the IRS conducts a further review for accuracy and authenticity. Additionally, if you have recently changed banks or addresses without notifying the IRS, this can also cause delays in processing your refund.
Can Amendments to a Tax Return Hold up a Refund?
If you opt to file an amended return or request additional forms from the IRS after you’ve already submitted your original return, delays may happen. This is because processing times can vary due to additional paperwork required by the IRS. This is another reason it’s essential to ensure all of your information is correct before submitting your initial return so you don’t have to go through this process again.
When Can I Expect my State Tax Refund for 2023?
The short answer is it depends on when you filed your taxes and how they were processed. Tax refunds differ among different states, but generally speaking, most states send out tax returns within 4-to-6 weeks after filing your taxes (if you filed electronically) or 6-to-8 weeks if you mail in a paper return. These timelines may also be impacted by the state’s taxation department and other factors, such as holidays or technical issues.
If you don’t receive your tax return within the timeframes mentioned above, and it has been more than eight weeks since filing, contact the taxation department to inquire about the status of your refund.
The Bottom Line
Accuracy of information and timeliness is critical when it comes to knowing when your tax refund is expected in 2023. Make sure all of your information is current, file electronically if you can, and consider signing up for a direct deposit. Doing these things can help you get your refund as quickly as possible.
Tips For Filing Your Tax Return
- If you’re starting a new job, make sure you’re filling out your w-2 correctly.
- Join Planning Made Simple as a member and learn from other tax filers about tax planning, who they use for tax preparation, and more. As a community member, you’ll also have access to all of our tax resources, including articles, videos, and more.