The new tax season is about to start. It is of vital importance that American taxpayers pay close attention to the key dates. The IRS has revealed when all important events will take place.
Then, the first thing you should know is the fact that you can file your 2023 tax return on January 29. If you leave everything for the very last minute, do not forget that the due date to file your tax return will be April 15, 2024.
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Taxpayers in Massachusetts and Maine can file until April 17 though said the IRS. Those who believe that do not have enough time to file can request an extension. But pay your taxes before April 15.
WHEN SHOULD I EXPECT MY TAX REFUND IF I CLAIMED THE CHILD TAX CREDIT OR THE EITC TO THE IRS?
Taxpayers who claimed the Additional Child Tax Credit or the Earned Income Tax Credit can receive their refund by February 27. Bear in mind that the IRS does this because of an important reason.
The IRS must review all these tax returns in detail. This is something that the law requires, so it is not possible for the Internal Revenue Service to send your tax refund before February 27, 2024.
So, those citizens who claimed the EITC or the ACTC should expect their money by that date if they filed their tax return online, chose direct deposit and there were no issues with their tax returns.
The IRS will take longer if you file a paper return. Bear in mind that electronically filed refunds by direct deposit usually take less than three weeks. Sometimes it could be even faster if you are an early filer.
CAN SOME TAXPAYERS SEE THEIR REFUNDS A FEW DAYS EARLIER?
According to the IRS, some taxpayers may see their 2023 tax refund several days earlier. If you want to know the status of your tax refund, use the “Where’s my refund” tool.
Once you log in, you can see when your tax refund is due or if there is any delay. If you claimed the Earned Income Tax Credit or the Child Tax Credit it is advisable to check your tax refund status on February 17.
Do not forget that sometimes your bank or financial institution may take some time to send you the tax refund. Since they must process the direct deposit or issue a debit card, it may take some time.
Do not forget that some banks do not work on the weekends or on holidays. So this could delay the date of your tax refund arrival. Hopefully, the IRS does not need additional information and you can enjoy your money by February 27.