Tax season is already a reality in the United States. But, unlike other years, some taxpayers will see an increase for FY 2023, thanks to the adjustment of tax brackets.
In this sense, the tax collection agency has increased the tax bracket by 7% in line with the previous year’s inflation. That means taxpayers may benefit this year depending on their income and inflation.
According to official IRS statistics, in 2023, the average tax refund payment was $3,167.00 USD. In addition, according to the United States Bureau of Labor Statistics, that year, the average worker’s salary increased by 5.5% compared to the previous year.
Therefore, this figure does not exceed 7% of the new tax bracket. Therefore, many taxpayers may receive larger tax checks.
How to know the refund amount and features?
Depending on each person’s income, the amount they will receive will be exact. However, there are various tax preparation sites for this viz H&R Block either NerdWallet.
It contains a calculator so that taxpayers can get an idea of the figure they will get in their refund.
It is worth clarifying here that, even if the tax return is processed, it may take up to 21 days for the IRS to issue the payment. This will happen if the taxpayer has done their process online and the refund is requested electronically.
In case of conventional declarations, the waiting period extends from 6 to 12 weeks, as it is done with a printed check as the mode of payment.
However, the IRS has several features for tracking refund payments. We are talking about an online tool Where is my refund? either Where is my refund? Taxpayers will be able to access their tax return 24 hours after it is issued.
