Tax Filing Season Begins January 23

The Internal Revenue Service (IRS) will start accepting federal income tax returns for 2022 on January 23, the agency announced on Thursday (12). The deadline for payment of taxes owed is Tuesday, April 18. Those who cannot file their return by this date may request a six-month extension, which will be automatically granted. However, it is important to note that the extension only applies to the filing of the return. Tax payments must be made by April 18. After this deadline, the taxpayer is subject to interest and penalties.How to Get Your Refund QuicklyThe majority of U.S. taxpayers typically receive a refund. Last year, the average refund issued was $3,176.The IRS states that it is likely the agency will send your refund within 21 days after receiving your return. But this timeframe is only valid if the taxpayer has filled everything out accurately and completely. Additionally, those who file electronically and choose to receive their refund via direct deposit also receive it faster.The agency discourages filing paper returns, if possible.While millions of taxpayers prefer to pay a tax professional to help them prepare their tax returns or buy tax software to do it themselves, the IRS offers a free filing program for anyone with an adjusted gross income in 2022 of $73,000 or less. The program allows you to prepare and file your return electronically at no cost, using software from participating tax preparation companies.In addition, the IRS also offers Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs, which are free basic tax return preparations for those who generally earn $60,000 or less.For more information, visit the IRS website www.irs.gov or consult a tax professional.