The IRS is now accepting and processing 2022 tax returns. Taxpayers have to file their taxes until April 18 this year, but some taxpayers living overseas and disaster victims may have later filing deadlines. Alabama, California and Georgia storm victims now have until May 15 to file various federal individual and business tax returns and make tax payments.
As part of the August passage of the Inflation Reduction Act, the IRS has more than 5,000 new telephone assistors and added more in-person staff to help taxpayers. However you’re also recommended to choose direct deposit to get their refunds faster by IRS.
Taxpayers who electronically file a tax return with no issues and choose direct deposit should still receive their refund within 21 days of the date they file. Due to tax law changes such as the elimination of the Advance Child Tax Credit and no Recovery Rebate Credit this year, many taxpayers may find their refunds somewhat lower this year.
Earned Income Tax Credit or Additional Child Tax Credit refunds: Taxpayers may file their returns beginning Jan. 23, but the IRS cannot issue refunds involving the Earned Income Tax Credit or Additional Child Tax Credit before mid-February. The law provides the extra time to help the IRS prevent fraudulent refunds. “Where’s My Refund?” should show an updated status by Feb. 18 for most EITC and ACTC filers, and these refunds is expected to be available by Feb. 28.
The filing deadline is April 18 for most taxpayers, but automatic six-month extensions of time to file are available for anyone for free. Taxpayers should be aware that the automatic extension only extends the time to file tax returns. Those who owe taxes should still pay by April 18 to avoid late payment penalties.