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March 23, 2023

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When Can I Expect My Tax Refund in 2023?

Where’s My Refund?

The exact timing of when you can expect your tax refund in 2023 will depend on various factors, including when you file your tax return, how you file it, and whether there are any issues with your return that require further review. Generally, if you file your tax return electronically and choose direct deposit, you can expect to receive your refund within 21 days of the IRS receiving your return. However, if you file a paper return or request a paper check, it may take longer.

It’s important to note that the IRS experienced significant delays and backlogs due to the COVID-19 pandemic for the past several years. The Department of Treasury says that taxpayers will see improved service this filing season due to the Inflation Reduction Act, including more customer service representatives and increased automation options. 

To check the status of your refund, the IRS suggests using the “Where’s My Refund?” tool on their website. You will need to enter your Social Security or taxpayer ID number, your filing status, and the exact refund amount on your return. Additionally, the IRS has warned of scammers who are trying to sell or offer help setting up an Online Account on IRS.gov. 

Make sure that all of your information is accurate and complete, as errors or missing information can cause delays in processing your return and issuing your refund.

How to Avoid Common Errors on Your Tax Return 

The IRS issued guidance reminding taxpayers to avoid common errors that may result in processing delays. Remember to consult your CPA with any questions or updates regarding your own tax filing information. 

Gather all tax documents: Collect all the necessary tax documents, including Forms W-2, 1099, and any other documents to support tax deductions or credits.

File electronically: The IRS encourages taxpayers to file their tax returns electronically, which reduces the likelihood of math errors and allows for faster refunds. Direct deposit is also the fastest and most secure way to receive a refund.

Use the correct filing status: Use the Interactive Tax Assistant on IRS.gov to determine the correct filing status.

Double-check name, birth date, and Social Security number: Enter each SSN and individual’s name on a tax return exactly as printed on the Social Security card.

Answer the digital assets question: Answer the question on Forms 1040 and 1040-SR regarding any digital assets received, sold, exchanged, gifted, or disposed of during the year.

Report all taxable income: Remember to report all taxable income, including unemployment income, interest received, and income from the gig economy, service industry, and digital assets.

Double-check routing and account numbers: Ensure that the financial institution routing and account numbers entered on the return are accurate to avoid refund delays.

Mail paper returns to the right address: Confirm the correct address for paper tax returns to avoid processing delays.

Sign and date the return: If filing jointly, both spouses must sign and date the return. Self-preparers must also validate their electronic tax return by entering their prior year’s AGI.

Keep a copy of the tax return: Make a copy of the signed return and any schedules for their records. Copies help with filing an amended return, if necessary. 

Questions? 

Wilke CPAs & Advisors is ready to help small business owners make the most of their tax returns. Contact us with any last minute questions.

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