TOP DOLLAR INVESTOR

FILE EARLY AND OPTIMIZE YOUR TAX RETURNS FOR THE BIGGEST REFUND

Tax season is here again after the Internal Revenue Service (IRS) officially opened its doors to filings on January 23. The last day to file, or “Tax Day,” is April 18, 2023.

The IRS swung into its peak season with an expanded service team and upgraded technology. To fund the rollout, the agency is drawing upon the $80 billion Congress assigned it last year, of which half is earmarked for optimizing operations to make filing easier for taxpayers.

Returns so Far

According to IRS data, this year has gotten off to a flying start. More people are filing earlier. The IRS has processed 18.95 million tax returns by February 3.

That’s a 13.4% increase on the number the tax department received by this time last year (February 4, 2022). The tax department is getting through them faster, too, having already processed 16.7 million of those returns, nearly 30% more than the previous year.

First, check the new set of tax brackets for 2023. Even marginal deductions can significantly affect your total tax bill if you fall into a new bracket.

Before You File

Before filing, users can create an online IRS account, which enables them to access tax records and make and view payments. Be aware that opening an IRS account does not automatically enable e-filing.

Users will still need to register for electronic filing separately. Going online allows easy access to a simple one-stop portal. It also opens the door to the Free File Program for individuals with Adjusted Gross Income (AGI) income under $73,000.

TOP Dollar Investor

Swipe Up For The Rest of the Article