Tax Filing Season Begins Today! Are We Ready for the Fun?
Today is Monday, January 23, 2023! Is it a special day? It sure is because it is the official start of the 2023 tax filing season. Oh, the joy of it all. Grab those W-2, receipts, compile those deductions and get moving!
Watch out filers, because the IRS has made many changes this year since the pandemic benefits have ended, and if you do your own return you need to be sure you are up to date on all the new stuff.
If you are expecting to get a refund this year, it may be smaller due to the changes. For instance, the child tax credit dropped back to $2,000 instead of the $3,600 you got last year which is certainly a hit for many families. And that's just the beginning, so pay attention!
Fox17 reports that with the IRS facing staffing shortages for the third year in a row, in addition to continued problems and delays at the postal service, it's really important to get all your information gathered and file as quickly as possible.
Do-it-yourself? Use a tax preparer? It's your choice and for the DIY folks, there are good programs to use if you know what you are doing. Myself, I always use my accountant. They keep me on track and are always up-to-date on changes. Hey, numbers are not my thing, it's their thing! However, the key here is, hopefully, you have kept good records.
When filing, you should file electronically for sure, no paper return filing. It will go much faster. And, for that refund you are hoping to see, make sure you use direct deposit. It's safer and faster, too.
Lastly, if you are going to owe money, don't delay your filing, do it now because you don't have to pay now since you can wait up to the tax filing deadline this year of April 18 to send that check in.
Are we having fun yet?
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