Do you have pressing tax questions? Ask Michelle Singletary. Michelle Singletary has written the Color of Money column for more than 25 years, answering questions around taxes and other personal finance issues. (The Washington Post) | Dreading the April 18 tax deadline? Expecting to owe the IRS but don't have the money to pay your tax bill, and wondering what to do? Do you know which tax breaks ended for the 2022 tax year? Washington Post personal finance columnist Michelle Singletary will answer your questions about the 2023 tax season on Friday at noon Eastern time. She'll be joined by Eric Bronnenkant, head of tax at Betterment, a digital investment advisory firm. Bronnenkant has also had stints with Ernst & Young and Fidelity Investments. Click the link below to submit your question for the chat. Three moves to get your tax refund faster in 2023 The last few tax seasons were dominated by backlogs. Here's hoping this year will be different. Or at least, in the words of National Taxpayer Advocate Erin M. Collins, it's "the year we stopped talking about a backlog." In her annual report to Congress earlier this month, Collins commended the IRS for making "considerable progress in reducing the volume of unprocessed returns and correspondence." The agency has slashed its massive backlog of unprocessed tax returns by nearly two-thirds, to about 4 million, in the past year. But Collins expects the IRS will continue to struggle with customer service. "We have begun to see light at the end of the tunnel," she wrote. "I am just not sure how much further we need to travel before we see sunlight." Here are a few of the questions I'm asked most often when a new tax season starts. How soon can I expect my refund after filing? There are three key things you can do to help speed up your refund — check for errors on your return, file electronically and choose direct deposit. "We still say generally within 21 days, if there are no issues with the return, you'll get your refund," according to IRS spokesman Eric Smith. Do your best to triple-check everything on your tax form so it's not pulled for a manual review. [Expect smaller refunds and continued phone delays this tax season] How do I check on the status of my refund? Track the status of your refund with the "Where's My Refund?" tool at irs.gov. But you don't have to check multiple times a day. Updates are made daily, usually overnight. You can also call the IRS refund hotline at 800-829-1954. Why hasn't the IRS processed my refund or return? The IRS is still processing older returns that need to be done manually due to errors, the agency said. "Most [returns] have been processed, though there are some where we are still corresponding with those affected," Smith said. If you're looking for the status of an amended return, try using the "Where's My Amended Return?" tool on the IRS website. For more on the top questions this tax season, click here. Your feedback I appreciate your emails and notes of encouragement. I recently received this email from Tim Lawler, a board member for Dream Project. He wrote: "I read your recent article about how scholarships can be life-changing events that dramatically affect the course of an individual's life. I agree with you entirely, and that article reinforced why I volunteer with the Dream Project, an organization that helps Virginia students whose immigration status presents challenges to their pursuit of a college education. We have a mentoring program for high school seniors, award 100 renewable scholarships of $3,000 to deserving students, and provide student and alumni services that help them network and learn how to position themselves for a brighter future. I have seen directly how our program positively affects the lives of these students, launching them into successful college and work careers. Thank you for highlighting the need for these types of scholarship and mentoring programs. They do help young people get a good start in their lives." Read: A $250 million scholarship program aimed at keeping students debt-free Arlington organization helps Dreamers go to college If you have a personal finance question, call 1-855-ASK-POST (1-855-275-7678). Send your comments and questions to colorofmoney@washpost.com, but due to the volume of mail, personal responses may not be possible. Please also note that comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated. |
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