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News: Tax Filing Season Has Started - Credit-Land.com

The nation's 2023 tax season kicked off on January 23 and the Internal Revenue Service is already accepting and processing 2022 tax year returns. For most taxpayers, this year's tax deadline is April 18, 2023, which is three days longer due to the calendar. Taxpayers requesting an extension will have until October 16, 2023, to file.

The sooner you file your return, the sooner you will receive a tax refund. According to the IRS, you can usually receive a refund within 21 days if you've filed an accurate, electronic return with direct deposit for the payment. If there are errors (even typos can be a reason for delays), it can take more time. The same with paper filings - they may extend the timeline as well.

To avoid extensive processing, delays and errors, the IRS urges people to have all the information they need before they file a tax return. It is also extremely important to review your tax return, including your personal information, to make sure everything is accurate. A typo in your name, date of birth, Social Security number, address or banking details for direct deposit may delay your return.

If you are not sure which tax forms to expect, review your last year's tax return. Some of the common forms for earnings include a W-2 for wages, 1099-NEC for contract or gig economy work, 1099-G for unemployment income and 1099-R for retirement plan distributions. You can find all forms and instructions at IRS.gov.

If you have questions about filing, you can visit IRS.gov for common questions first. The portal has the same information that IRS phone assistors have. You can also use the portal to check the status of your refunds.