CHICAGO, Jan. 18, 2023 – It’s official, tax season starts Jan. 23, 2023, when the IRS begins accepting and processing tax returns for the 2022 tax year. With the IRS anticipating more than 168 million individual tax returns will be filed this season, getting an early start on prepping to complete yours may be best.

The Illinois CPA Society offers these tips for simplifying and speeding up the filing process:

1. Gather all your information first. Before starting your tax return, gather and organize all the information you’ll need. This includes all applicable 2022 tax records and forms, along with Social Security numbers, Individual Taxpayer Identification Numbers, and Adoption Taxpayer Identification Numbers. Previously confirmed victims of tax-related identity theft, and taxpayers who’ve proactively requested one, should also have their current IRS-issued Identity Protection Personal Identification Numbers. For certain taxpayers, this could mean waiting to file until mid-February or even March to ensure all income and tax-related documents have been received—especially the various 1099 forms from banks and other payers reporting unemployment compensation; dividends; pension, annuity, or retirement plan distributions; investment income; and other earned income.
   
   
2. File electronically and use direct deposit. These are two important steps you can take to help ensure your tax return and refund (or payment) are processed without delays. In fact, the IRS says taxpayers should avoid filing paper returns whenever possible, noting that filing electronically is the fastest, easiest, and securest way to complete a tax return.

The filing deadline to submit 2022 tax returns or an extension to file is Tuesday, April 18, 2023, for most taxpayers. This year’s filing deadline is April 18, instead of April 15, because of the weekend and the Emancipation Day holiday in Washington, D.C., which falls on Monday, April 17.

Taxpayers requesting an extension will have until Monday, Oct. 16, 2023, to file. However, if taxes are owed, it’s still a taxpayer’s obligation to pay those taxes by April 18, 2023.

Overall, the IRS expects most taxpayers who are due refunds will receive them within 21 business days if they file electronically, choose direct deposit, and there are no issues with their tax returns. Of note, taxpayers receiving refunds that include the Earned Income Tax Credit or Additional Child Tax Credit cannot be issued refunds before mid-February due to the Protecting Americans From Tax Hikes Act of 2015, which provides this additional time to help the IRS stop fraudulent refunds from being issued.

Filing your federal and state tax returns is always a hectic process. CPAs, certified public accountants, have your back. CPAs are strategically positioned to help file your tax returns while determining the best ways to maximize your tax credits and deductions and potential refunds. The Illinois CPA Society’s free “Find a CPA” directory can help you find the trusted, strategic advisor that’s right for you based on location, types of services needed, and languages spoken. Find your CPA at www.icpas.org/findacpa.