A tax refund refers to the amount of money the US government owes to a taxpayer after the taxpayer has overpaid their taxes. This typically happens when a person has paid more in taxes throughout the year from their paycheck deductions or quarterly payments than they actually owe the IRS. The excess amount is then refunded to the taxpayer after they file their tax return. If you expect to get a tax refund from the IRS, anticipating the money hitting your bank account can be a light at the end of the tunnel after the challenges of dealing with taxes.
If it’s your first refund, you will have a series of questions you’ll want to be answered, like how long does it take for the IRS to approve refunds? Fortunately, we’re on hand to help guide you through the 2023 tax season and clearly explain the timelines within which you can expect to get your hard-earned dollars back.
2023 Tax Deadlines
If you’re wondering when tax season ends, the traditional tax deadline day across the US is typically April 15. However, there is a slight change in 2023. April 15, 2023, falls on a Saturday, and Washington, DC observes a holiday on April 17, 2023, for Emancipation Day. Therefore, the 2023 tax deadline day falls on April 18, 2023. If you think you'll need more time to file your returns, you can apply for a six-month extension past the national deadline. However, applications for the extension will need to be submitted by April 18, 2023. Ultimately, this is the key deadline date for 2022 personal tax returns.
If you are organized and ready to submit your tax return early, you can do so as soon as the IRS announced the official beginning of tax season (this year, it was on January 23, 2023). So from the moment you get your W-2 or 1099, you should have a nice cushion of about 2-3 months to file your return and get it in before the deadline.
When Will I Get My Tax Refund?
The IRS states that over 90% of tax refunds are processed and refunded within 21 days. Therefore, if you believe you are due a refund and want to get hold of the funds as soon as possible, you’d be well-advised to submit your tax return as soon as tax season opens.
If you have e-filed your return and haven’t heard from the IRS within 21 days, it is advisable to contact the IRS to enquire about the status of your return. Alternatively, if you file your tax return and mail it, the length of time to process your return doubles to about 6-8 weeks. As such, it is recommended to e-file your tax return early if you want to access your refund quickly.
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How to Find the Current Status of My Refund
The IRS has made checking the status of your tax return very easy with the “Where’s My Refund?” tool and the “IRS2Go” mobile app. Simply enter your Social Security Number, filing status, and expected refund amount, and the status of your refund will be displayed.
“Where’s My Refund?” and “IRS2G” are updated daily, so you can ensure you are getting the most up-to-date information when using these systems. IRS2Go is available on the Apple App Store and the Google Play Store, with a user rating of 4/5 in both, indicating that the app functions well.
If you think you are due a tax refund in 2023 for your 2022 return, you can file your return between January 23, 2023, and April 18, 2023. In most cases, any refund will be made within 21 days of the submission date, so the earlier you file, the earlier you can get hold of your refund money. You can keep track of your refund status via the “Where’s My Refund?” tab on the IRS website or the “IRS2Go” mobile app.
If you find yourself in need of tax relief, reputable companies may be able to negotiate with the IRS on your behalf and help you deal with your tax debt and other tax-related issues.