2023 Tax Season: Last minute tax tips to boost, speed up refunds
HOUSTON - That ticking sound you’re hearing is the tax deadline fast approaching. You have two weeks left, as returns are due April 18, 2023.
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The IRS says mistakes are the top reason refunds get delayed. So be sure to double-check all of your numbers and math, plus your name, social security number, address, filing status, as well as everything else.
To speed up your refund, file electronically and set up direct deposit, so the funds go directly into your account.
Plus using software helps you avoid errors and helps ensure you get all the credits you qualify for, such as the Earned Income Tax Credit.
Refunds will be smaller this year because stimulus checks and the boosted Child Tax Credit have ended.
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But there is still a Child Tax Credit, just not as big, and a daycare credit.
Other ways to boost your refund are to put up to $6,000 in an IRA, or $7,000 if you are over age 50.
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If you made energy-efficient home improvements, such as new windows, doors, or insulation, you can claim a credit of up to $500.
And if your adjusted gross income is $73,000 or below, you can file your taxes for free through Free File. Those who qualify can also get free tax prep help through BakerRipley and the IRS's Volunteer Income Tax Assistance sites.