The start of tax season is officially underway.
There are two big dates to keep in mind: Monday marks the first day you can file your taxes and April 18 is the deadline to file without an extension.
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As you move through the process, it's important to have all the information you need before you file, as filing a complete and accurate tax return can avoid extensive processing and refund delays as well as avoid the possibility of needing to file an amended tax return.
The Internal Revenue Service encourages people to carefully review their taxes to make sure they don't overlook important tax credit that they may be eligible for, and when it comes to whether to use a professional or do your taxes on your own, experts have some advice.
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"A lot of times I've seen this in the past where someone does their own tax return, they don't realize there might be a credit out there for an electric vehicle or solar panels, or maybe they didn't calculate the Child Tax Credit correctly. You know, those are all things that by going to a professional, they can help you with, as well as ask the right questions," said Andrew Lattimer, a tax principal.
If you are planning on hiring a tax preparer, right now is a good time to find someone. If you delay the process, they may not be taking new clients in the tax season.
For anyone using a software, it's also a good time to compare your choices, including IRS Free File, which is available if your 2022 adjusted gross income is $73,000 or less.
With either option, experts suggest beginning the process as quickly as possible.
"If you send stuff late, you know, maybe what ends up happening is maybe you have to go on extension so that takes more time if you're going to get money back, but again, the later that you do it, the more compression there is," Lattimer added.
The IRS anticipates most taxpayers will receive their refund within 21 days of when they file electronically.
More than 168 million individual tax returns are expected to be filed.
