Preparing for 2023 Tax Season: Filing Deadlines, Tracking Refunds & Deduction Tips
It's tax season and the deadline to file your 2022 tax return is April 18, 2023. The IRS encourages you to file as early as possible, but there are also reasons to wait until later. When you do go to file, there are a few things to keep in mind. Here's what you need to know about the 2023 tax season, including filing deadlines, how to track your refund, and which deductions to take advantage of.
When filing taxes, the IRS recommends selecting direct deposit as your refund method and entering your bank account and routing numbers. You can also split your refund between two or three accounts, including IRAs. If you don't have a bank account, you can still set up direct deposit onto a prepaid debit card, or a mobile app.
The majority of taxpayers who file electronically and opt for direct deposit can expect to receive their refund within 21 days. However, if you choose to file by paper, it can take at least four weeks for the funds to hit your account. If you receive a check in the mail, it can take up to six to eight weeks.
When filing, it's important to consider the changes in deductions for the current tax season. Last year's allowance for a $300 charitable deduction ($600 for joint filers) is gone, and all charitable deductions are now part of an itemized deduction. The adjusted gross income ceiling on charitable cash contributions is back to its usual 60 percent.
Tax season can be confusing, so it's important to do your research. Make sure to take advantage of free filing options and remember to use direct deposit to get your refund faster and cheaper. Also, be sure to stay up to date on all the changes in deductions and tax brackets. With these tips, you'll be able to file your taxes confidently and get your refund with minimal stress.
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