By: Richard L. Smith
The Internal Revenue Service (IRS) has officially announced that it will begin accepting and processing federal income tax returns for the year 2023 starting Monday, January 29.
Taxpayers who prefer to get ahead of the game can start filing early, but for those who tend to wait, the deadline to file returns and settle any taxes owed is Monday, April 15.
Most taxpayers typically receive refunds, which the IRS issues within 21 days of accepting a return.
However, those claiming an Earned Income Tax Credit (EITC) will have their refunds issued no earlier than mid-February, with funds expected to be available from February 27 onwards.
There are exceptions to this deadline, particularly for taxpayers in specific locations.
For example, residents of Maine and Massachusetts have until April 17 to file their returns, owing to the observance of Patriots' Day and Emancipation Day holidays in these states.
In the previous year, out of over 160 million returns filed, nearly 105 million refunds were issued by the IRS, with an average refund amounting to $3,054.
Taxpayers curious about the status of their refund can utilize the IRS's "Where's My Refund" tool to get updated information once they have submitted their return.
