One question people find themselves asking each year, even before tax season is when they should expect to receive their tax refund. This year is no exception, and while it might seem a bit early to ask this question, there are plenty of reasons for why one would need to know ahead of time. One might normally think this isn’t a question you can answer, however, there are some factors we can analyze to determine when you might receive your 2023 tax refund.
Are There Any Noteworthy Changes This Year?
Before we determine when you might receive your tax refunds, it’s important to determine whether or not there are any changes that might affect when you receive your refunds. One small difference worth noting is that the tax deadline for this year is April 18, as opposed to the usual April 15 date. This is due to April 15 falling on a weekend next year as well as a few holidays that caused it to get moved back. This small change, however, likely won’t affect when you receive your refund by much. If any changes are made to tax legislation this year, however, it should be noted that the start of the tax season may be pushed back a week or two from its usual end of January date.
So, When Should You Expect Your Tax Refund?
The earlier you file your taxes, the earlier you will receive your return. The peak of tax season starts around late March, so if you want to receive your tax refund as soon as possible, you should try to file before then. It’s possible to receive your refund by direct deposit within 2 weeks, but this likely won’t happen if you wait too long to file. There are also some other factors that might cause your refund to be delayed. For example, if you claim certain credits such as the Earned Income Tax Credit, or the Child Tax Credit, you should expect the IRS to take an addition 2-3 weeks to process your information.
Estimated Returns Chart
If you were looking for a specific date for when you can expect your returns, here is a chart from cpapracticeadvisor.com that estimates specific dates in 2023 for when you can expect to receive your tax refund depending on when the IRS accepts your return:
IRS Accepts an E-Filed Return By: | Direct Deposit Sent (Or Paper Check Mailed 1 week later): |
IRS may start accepting income tax returns as | |
Jan. 23, 2023* | Feb. 3 (Feb. 10) |
Jan. 30, 2023* | Feb. 10 (Feb. 17) |
Feb. 6 | Feb. 17 (Feb. 24) |
Feb. 13 | Feb. 24 (Mar. 3) |
Feb. 20 | Mar. 3 (Mar. 10) |
Feb. 27 | Mar. 10 (Mar 17) |
Mar. 6 | Mar. 17 (Mar. 24) |
Mar. 13 | Mar. 24 (Apr. 1) |
Mar. 20 | Mar. 31 (April 7) |
Mar. 27 | Apr. 7 (Apr. 14) |
Apr. 3, 2023 | Apr. 14 (Apr. 21) |
Apr. 10 | Apr. 21 (Apr. 28) |
Apr. 17 | Apr. 28 (May 5) |
Apr. 24 | May 5 (May 12) |
May 1 | May 12 (May 19) |
May 8 | May 19 (May 26) |
May 15 | May 26 (June 3) |
May 22 | June 3 (June 10) |
Conclusion
We hope this article was helpful for you in preparation for your 2023 tax season. Tax season can be a stressful time of the year, so we at Jacobwise & Co are here to help you through every step of the process. If you want to learn more about how taxes work, click here to check out another one of our articles. Or, if you would like assistance with filing your taxes this year, feel free to contact us to have an easy tax season. We look forward to working with you.