Early birds who are either expecting a rebate or just want to get things out of the way will be able to file their 2023 tax returns in less than three weeks.
The IRS, on Monday, said it will begin accepting and processing 2023 returns on Jan. 29. If you’d prefer to wait until the last minue, you’ll have until April 15 this year—unless you live in Maine or Massachusetts (which have state holidays, so citizens there don’t have to file until April 17) or in a part of the country that was declared a federal disaster area. People in those areas will have until June 17 to file.
If you’re expecting a refund, which many people are, you can generally expect to see it within 21 days of filing. If you’re claiming an Earned Income Tax Credit, however, the tax agency isn’t permitted to issue a refund until mid-February. The IRS estimates that returns claiming those should see refunds beginning Feb. 27.
Last year, the average refund was $3,054, with over 105 million of the 160 million returns filed receiving a refund.
Still can’t handle gathering all of those receipts and putting everything together? There’s always an extension. You can buy yourself an extra six months and avoid a late-filing penalty by filling out a little paperwork before April 15.
Note, however, that even if you delay filing your return, you’ll still have to pay any taxes you have due by that April 15 deadline. Failing to do so will result in possible penalties and interest charges.
