Will Tax Refunds Be Bigger in 2023?

Couple looking at laptop illustrates blog "Will Tax Refunds Be Bigger in 2023?"

Tax season 2023 has officially started, and with it come all types of questions. For example, will tax refunds be bigger in 2023? In today’s blog post, we answer this question and provide some useful tips for the filing season. 

Will Tax Refunds Be Bigger in 2023?

Unfortunately, the answer is no: it is unlikely that your tax return will be bigger in 2023 than in the last two years. One of the main reasons is that there were no Economic Impact Payments for 2022

Additionally, some tax credits (such as the child tax credit) that were extended to offer economic relief during the pandemic have reverted to their 2019 levels. 

To sum it up, many of the tax incentives that were deployed over the last two years to help Americans deal with the impact of COVID-19 are being rolled back. For many taxpayers, this return to normal will translate into a smaller tax refund in 2023.

Regardless of the size of your return, there are some things you can do speed up the process:

  • File as early as possible (while making sure that all the information in your return is accurate)
  • File electronically
  • Choose direct deposit for your tax refund 

What You Need To Keep in Mind

Federal tax season 2023 began on January 23. The deadline to file your federal taxes this year is April 18, 2023

However the IRS has given victims of the storms that hit California an extended May 15 deadline to file federal individual and business tax returns and make the related tax payments.

If you need help filing your tax return, contact JT Tax Services. Our team will answer all your questions and ensure that you get your maximum tax refund. 

For more tips on how to navigate the 2023 tax season, check out our previous blog “Reminder: Tax Season Begins January 2023.”

Have Questions? at JT Tax Services, We Have Answers

At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California, contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.

We will be closed Saturday, Sunday and Monday (July 2nd - 4th)