2023-01-21 21:00:31

The 2023 Tax Season Opens This Month. Here Are 3 Things You Need to Know

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By The Motley Fool

Image source: Getty Images

Most of us associate the month of April with filing taxes, since that's when they're due. But actually, January is a good time to start thinking about your tax return.

For one thing, you can actually submit it at the end of the month if you're ready by then. And doing so could mean having your refund hit your bank account sooner.

Discover: Find the best tax software for your situation here

Save: We researched free tax software and put together a list of the best here

But this year's tax season may look a little different than 2022's. Here's what you need to know.

1. Your refund might be smaller

Most people who file a tax return end up being owed money by the IRS. And that may continue to be the case this year. But Mark Steber, Chief Tax Information Officer at Jackson Hewitt, warns that this year, a lot of people may be in for what he calls a "refund surprise."

"There were many tax changes in 2021 that resulted in refunds in 2022," explains Steber. "This year, we may not see refunds as high."

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