Maggie Titus | January 23, 2023
Tax season can easily be described as both the best of times and the worst of times. Some taxpayers may start preparing for a sizable tax refund—and others may come to the frightening realization that they'll owe money. Regardless of how tax season has gone in years past, though, tax season 2023 will roll around soon enough, and with it plenty of reminders that it's time to start filing your taxes.
During—or even before—tax season, you'll want to start collecting W-2s and other tax forms. If your tax situation is more complicated, you may want to hire a tax professional to start gathering your materials so you can ensure everything will be ready in time for Tax Day. You may have to wait for an employer, bank, or financial institution to send some materials (such as your W-2). But you can start getting a sense of which forms you'll need to look out for—and if you need to take steps to lower your tax burden through actions such as putting money into a retirement account or making charitable donations.
Specific dates for tax season are typically officially announced early each year, though taxpayers can certainly expect tax season to start sometime in late January and last until April every year. Before late January, taxpayers should begin receiving (or collecting) tax forms for 2022 from employers, clients, and more, though they have until Tax Day to submit their returns.
The last day to file taxes, also called Tax Day, is typically April 15. Tax Day 2023 will fall on Tuesday, April 18, 2023.
Typically, the IRS expects nine out of 10 taxpayers to receive their refund within 21 days if they file electronically with direct deposit and have no issues in their return. That said, on its website, the IRS cautions taxpayers not to count on getting a 2022 federal tax refund by a certain date. In some cases, returns may require additional review and will take longer to process.
To reduce any potential refund delays, consider preparing tax returns—or working with a professional or tax filing software to prepare them—as early as possible. That way, as soon as the IRS begins accepting returns, yours can be submitted and your refund can be processed, hopefully within that 21-day window. The IRS also recommends that taxpayers file their returns electronically to reduce any potential errors and receive refunds more quickly. Use the commonly overlooked tax deductions checklist to check for any opportunities to increase your tax refund, and plan to be patient: That refund will arrive eventually.
You’ve got questions and we can’t wait to answer them.