Where's My Refund In 2023?

With high inflation and starting 2023 in the midst of a predicted recession, many Americans including yourself are probably wondering how you will quickly receive your IRS tax refund for the year. 

Once you receive your W2, 1099, or complete your business bookkeeping for 2022 the fastest way for you to get your tax refund is to e-file your return and sign up for direct deposit. Although some returns may take longer to process, most federal tax refunds will be issued within 21 days. You can begin filing your tax return in January of 2023 as there have been 4,000 positions hired by the IRS to help assist with in person filings and digital processing. 

Generally the sooner you are able to accurately complete and return your tax filing, the sooner you will receive your money and allocate it for personal or business use. Because the time value of money dictates that a dollar today are always worth more than than a dollar tomorrow, it is always best to receive your money as early as possible in order to pay down any high interest loans, credit card debt, or invest in high quality businesses. 

In 2023, the deadline to file your tax return will be on Tuesday, April 18th 2023 for individuals and families. Normally we see the tax deadline every year fall on April 15th, but in 2023 the 15th falls on a Saturday and the following Monday is Emancipation Day, a holiday noted in Washington, D.C. Because of this, the tax deadline is pushed until the following Tuesday after April 15th, 2023. If you are needing an extension, you will need to fill out and file IRS Form 4868 for an automatic extension that will put your deadline on October 15th, 2023. 

If you are submitting a business tax return for your partnership, multi-member LLC, or an S-Corp, the tax deadline is typically on March 15th each year. An extension can also be filed for your business tax return using IRS Form 7004. 

Some important 2023 dates to note for your business tax return include the following: 

• 1099 Filing deadline: January 31st, 2023
• Delaware Corporation Filing Deadline: March 1st, 2023
• Multi-member LLC, S-Corp, and Partnership Tax Deadline: March 15th, 2023
• Sole Proprietor, single member LLC, and C-Corp Tax Deadline: April 18th, 2023

Maximize your deductions in order to pay the least amount of taxes and file early so your investment dollars stretch further over time.