Tax Season Is Here: Info On Federal And Oregon Returns 

As the new year begins, it’s time to start thinking about tax season. The Internal Revenue Service (IRS) and the Oregon Department of Revenue have announced that they will begin processing 2023 federal and state income tax returns that are electronically filed on January 29. It’s important to stay informed about the key details of this year’s tax filing process to ensure a smooth experience.

One important aspect to note is that electronically filed tax returns are processed in the order they are received. However, based on previous years, the Oregon Department of Revenue has stated that personal income tax refunds will not be issued until after February 15. This delay is due to the department’s efforts to prevent tax fraud and ensure the accuracy of information on tax returns. The state places a “refund hold” on all tax returns as part of these prevention measures.

Taxpayers have until April 15 to submit their tax returns for the year 2023. To expedite the process and receive their returns as quickly as possible, the Oregon Department of Revenue recommends filing electronically. Taxpayers who file electronically and opt for direct deposit for their refund will typically receive their refund two weeks earlier than those who file paper returns and request paper refund checks.

For those who prefer to file paper returns, the state will begin processing them starting in mid-February. It’s important to note that processing paper returns may take longer than electronic filing, so taxpayers should be prepared for potential delays if they choose this option.

In addition to the regular tax filing process, this year brings some exciting news for Oregon taxpayers. The state is set to pay a record-breaking $5.61 billion through the “kicker” rebate. This rebate is triggered when the revenues collected exceed the official projections made at the beginning of the budget cycle. According to state law, any surplus must be returned to taxpayers as a rebate. This is great news for Oregon residents who can look forward to receiving a portion of the surplus as a rebate.

It’s essential to gather all the necessary documents and information to ensure accurate and timely filing. This includes W-2 forms from employers, 1099 forms for any additional income, and any other relevant financial documents. Keeping track of deductible expenses and knowing which tax credits apply to your situation can also help maximize your potential refund or reduce your tax liability.

If you have any questions or need assistance with your tax filing, it’s advisable to consult with a qualified tax professional or utilize tax preparation software that can guide you through the process. Remember to keep copies of all filed documents for your records.