Get ready….set…..let the tax filing season officially begin! Today is the first day that the Internal Revenue Service is accepting income tax returns for 2022.
Most tax payers will have until Tuesday, April 18 to submit their returns or request an extension. Taxpayers have an extra three days this year since the usual April 15 deadline falls on a Saturday and April 17 is the Emancipation Day holiday in Washington, where the IRS is based.
If you know you’ll be entitled to a refund and want it as quickly as possible, the IRS says you need to file your return electronically and request to receive your refund via direct deposit. You also must make sure the return is accurate and complete to keep the process flowing as smoothly as possible. Authorities say most people that follow those guidelines can expect to receive their refund within 21 days of filing the return.
“Filing a paper return would probably be the worst idea of all, even though the IRS has hired additional staff,” said Tom O’Saben, director of tax content and government relations at the National Association of Tax Professionals.
IRS officials caution that refunds could be smaller this year, with several pandemic-era tax breaks coming to an end.