Ready for tax season? The IRS stated that Americans can file their taxes on Monday, January 29th. With the commitment to issue most refunds within 21 days, early filers could receive their tax returns in mid-February. Understanding how to prepare for this annual financial ritual can simplify and speed up the receiving of taxpayers’ money.
Tax Timing for Faster Refunds
The IRS expects to handle over 128.7 million individual tax returns and issue refunds quickly. Learn how Earned Income Tax Credits and child tax credits affect your payment speed during the tax filing. Learn about the February 27th Earned Income Tax Credit deadline.
Tax returns can be processed faster by filing online using the IRS Free File portal. On January 12, taxpayers earning $79,000 or less in 2023 can prepare their taxes through the platform. Discover how online filing speeds up your tax refund.
Tax filing goes faster with preparation. Learn why the IRS advises taxpayers to prepare their tax forms early for faster processing. Having working forms and taxable income verification might speed up your return.
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Electronic vs. Paper Filing
Discover the IRS’s preferred tax payment method: electronic filing with direct deposit. The government blames personnel concerns that may delay paper returns. Learn why taxpayers seeking a faster turnaround should file electronically.
Examine state-specific tax season characteristics. Michigan families may benefit from a higher Earned Income Tax Credit. Stay informed about state-specific issues, such as Alaska’s universal income payment debates this year. Take advantage of more tax returns this season.
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