The IRS began processing Tax Refunds on January 23 and the sooner people submit their federal income tax returns, the sooner their returns will be reviewed and those awaiting their returns can be subjected to a review. Many citizens who have put in their papers have already begun receiving their tax refunds.
The Internal Revenue Service has issued close to 18 million payments as refunds, which has an approximate value of around $15.7B. the average refund amount is around $1,963. This is down from the average of $2,201 given out against the 2021 returns last year. the IRS has however revealed that those who have opted to receive the refunds through direct deposit into bank accounts got close to $100 more on average.
you can check out the date of the tax refunds against the 2022 income tax returns. You can also learn how you can receive it faster, and also the reason for the delay if any.
Those who have filed online should check their income tax return status after at least a day from the date of filing their income tax returns. This can be done by either going to the IRS2Go app or the IRS website and using the Where’s My Refund tool on the website of IRS.
Getting Your Tax Refunds Quickly
The Internal Revenue Service has informed that the fastest way that any tax filer can hope for a refund is through a direct transfer to a bank account. Filers can opt for a direct deposit to transfer their funds in up to three funds.
Combining direct deposit and electronic filing to file at the earliest leads to a quick response and income tax. The IRS normally say that those who file early and comply with the rules and regulation and do the whole process electronically can receive their tax refund in less than 3 weeks. but if tax filer files their taxes using paper forms, they should be in for a long delay.
The authorities warn that tax returns through paper filing can take as much as 6 months and at times even longer to process and send out tax refunds if any.
And regardless of how income tax filer files their income tax return, the authorities have warned that many taxpayers should not expect their income tax refunds to be on the same level as for the previous year when the peak period pandemic ensured that people received multiple stimulus checks in various forms and sizes.
These pandemic-period stimulus checks and tax refunds expired in 2022. They include the popular expanded version of the Child Tax Credit stimulus check and the available credits that were paid to those who missed out on any one round of the economic impact payments, or the federal stimulus checks.
Estimating The IRS Tax Refunds For The 2022 Tax Year
Earlier the Internal Revenue Service issued a tax refund schedule each year to inform taxpayers of the likely date of their tax refunds if any. The IRS has long since discontinued this practice. There is still an estimate of when such refunds may arrive in 2023 and the estimates are based on the previous year.
It is estimated that those who filed their returns in the last week of January should get their tax refund by February 10 if they have made their returns through direct deposit. But if they have filed in the same period, but through paper, checks should expect their tax refund date to get pushed back to February 17.
Those who have filed their income tax in the first two weeks of February should estimate their refund dates to be in the last week of February or the first week of March. This trend of 3 weeks continues on average for tax refunds throughout 2023.
Ensuring That Tax Refunds Are Speeded Up
There are a few ways to refund once stimulus checks are sent out. According to the taxation authorities, 8 out of 10 filers have opted for the direct deposit option. This has ensured that their tax refunds are processed more quickly. This option is both available for paper income tax returns and through online returns.
Those who do not have a bank account or have opted for that may go in for a different option. They want to receive their stimulus check amount through prepaid debit cards. But there is a hitch, prepaid debit card providers can charge a heavy fee for everyday services such as reloading the card. So filers need to do their homework and ensure that the option that they are choosing for their tax refund is ideal for their needs and situation.
Filing An Electronic Tax Return To Ensure Speedier Tax Refunds
Income tax filers can ensure speedier returns on their income tax refund by combining electronic filing with direct deposit. Filing their income tax returns electronically requires the presence of a tax software program. This software program can help in flagging errors and omissions that may lead to delays in the whole processing process at the Internal Revenue Service.
Such errors include wrong Social Security numbers, wrong dependent’s dates, or births that are misplaced. Filers can electronically file their returns for free using the Free File Returns according to the IRS. Tax software programs for filing electronically are only available if the Adjusted Gross Income (AGI) is below $73,000. Most simple income tax returns including the basic W -2 can be filed for free using the income tax returns.
If the tax situation is more complex, such as if you have sold your property, earned against investments, and paid expenses for businesses, you should go to tax advisers and professionals.
A certified public accountant or an enrolled agent at least will ensure that you review your tax return and identify mistakes that should ensure that you can identify and eliminate any error that may have crept into your income tax return. Such errors slow down the process of filing returns and getting the full birthdate.
