Believe it or not, tax season is just around the corner. So, NewsChannel 3 has gathered some important deadlines, plus ways to be sure taxpayers keep more money in their pockets.
Important Deadlines for 2023 Tax Season
Mark your calendars for Monday, January 23rd. That’s the official start of the tax season and the date the IRS will start accepting and processing 2022 tax year returns.
For those who qualify for the Earned Income Tax Credit, the IRS says it can’t issue a refund that includes that credit or the Additional Child Tax Credit before mid-February. The wait is due to a law to help combat fraudulent refunds. According to the IRS, it expects EITC refunds to be available in bank accounts or on debit cards by February 28th, if the taxpayer selects direct deposit when filing.
Taxpayers can thank the calendar for getting a few extra days to file this year. The traditional filing deadline falls on a weekend and Monday, April 17 is a holiday in the District of Columbia. This year’s filing deadline is Tuesday, April 18th. Taxpayers who file an extension will have until Monday, October 16th.
File Tax Returns for Free
People who have an adjusted gross income of $73,000 or less can file for free. Consumers can use electronic, “free file” or paper forms to file a federal, tax return, free of charge.
Seniors who need help filing can get assistance through the Volunteer Income Tax Assistance program (VITA). WREG found roughly a dozen VITA sites in and around Memphis including the Hickory Ridge Mall, Southland Mall and Latino Memphis on Mt Moriah. Use this tool to enter your zip code and find a VITA site near you.
Members of the military can also get free help with their taxes through an online program called MilTax. The software is supposed to be specifically designed to help out with issues like deployments, combat and training pay, housing rentals and multi-state filings.
Latest credits and deductions to help save money
The IRS says most most taxpayers will should get their refund within 21 days of electronic filing.