The Internal Revenue Service has claimed that it will send 9 out of 10 refunds within three weeks, though it has also given a heads-up that taxpayers should not expect to receive their rebate at an exact date this year.
As per IRS, The IRS set Monday, Jan. 23, as the beginning of the nation’s 2023 tax season, when the agency will begin accepting and processing 2022 tax year returns.
Here are some steps tax filers can take to receive this year's refund as soon as possible.
Filing your taxes by paper
The IRS must manually enter data from paper tax returns into their computer systems when dealing with paper tax returns, which slows down the process of receivers obtaining refunds.
According to IRS figures, approximately 13 million people filed paper tax returns in 2022 out of a total of 164 million returns, a reduction from 2019's 17 million paper tax returns.
Not asking to receive your return via direct deposit.
The IRS advises tax filers to request that their refund be received via direct deposit, as this expedites the process compared to mailing the refund. When requesting direct deposit, the IRS will request bank account and routing details, which filers should verify before providing to the agency.
Not being exact with your numbers
The IRS is "very adept at matching data" and filing taxes with exact figures, including income and mortgage rate, is advised. Failure to do so may result in returns being reported for review, further delaying the issuance of a refund.
Not double-checking personal information
Returns can also be reported for review if they contain inaccurate information about the filer. This would include accidentally providing the IRS with an inaccurate Social Security number.
Not waiting until you have all your tax forms to file.
Though some may desire their tax refund as soon as possible, it is crucial that you wait to submit until you have all of your tax paperwork. Although the IRS will begin taking tax returns on January 23, employers are not required to provide W-2 pay and tax statements for 2022 to employees until January 31.
Contact Surya Padhi at Sure Financials for any questions and clarification. Surya Padhi is an expert who keeps current on tax law changes as well as a member of the National Association of Tax Professionals National Association of Tax Professionals (NATP) and National Association of Enrolled Agents (naea.org). Visit Welcome | Sure Financials & Tax Services, LLC (surefintaxsvs.com) for more information and contact us by calling +1 908.300.9193.
Follow these links for tax return filing.
- Where to Find It - http://bit.ly/3Xt8DUU
- Tax Return Preparation Check List - 2022: http://bit.ly/3Zx5F3I
- NJ Property Tax credit - http://bit.ly/3X9L5nY
- Rental Income worksheet - http://bit.ly/3Xgk6XV
- Form 8949 - Sale of Assets - http://bit.ly/3WZS7f8
- FBAR information collection Template - http://bit.ly/3X0hrBP
- Supporting document for CTC,ODC Form 14815-A (6-2021) (irs.gov)
- Supporting document for AOTC : Form 886-H-AOC (Rev. 5-2017) (irs.gov)
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