It’s official: Tax season starts on January 23 for individual applicants, the IRS announced Thursday.
For most taxpayers, you must file your tax return by April 18 this year and pay your balance to avoid penalties and interest.
“This filing season is the first to benefit the IRS and our country’s tax system from multi-year funding under the Inflation Reduction Act,” said Acting IRS Commissioner Doug O’Donnell. “With these new additional resources, taxpayers and tax professionals will see improvements in many areas of the agency this year.”
More from Personal Finance:
Here’s the inflation breakdown for December 2022 – in one chart
IRS kicks off 2023 tax season stronger, says taxpayer advocate
Social Security checks include an 8.7% cost-of-living adjustment this month
While the IRS typically issues tax refunds in less than 21 days, the agency has warned taxpayers Not relying on receiving their 2022 federal refund on a specific date.
The agency says some returns may require “additional verification” and take longer to process if the IRS systems find an error, missing information, or the agency suspects identity theft or fraud.
If you claim the earned income tax credit — a tax break for low- to middle-income workers — or an additional child tax credit, the IRS won’t be able to issue your refund until mid-February, according to the agency.
As of December 23, the agency still had 1.91 million unprocessed individual returns received in 2022, including declarations for 2021 or late-filed declarations from previous years. About 1.49 million of those returns require “error correction” or “other special handling,” according to the IRS, and 414,000 are paper returns.
https://www.cnbc.com/2023/01/12/irs-tax-season-opens-for-individual-filers-on-jan-23.html Tax season begins on January 23 for individual applicants