What to know before filing your taxes as tax season approaches

Little Rock, Arkansas – The 2023 tax filing season officially begins on Monday, so now is the time to organize your tax data.

You can file your taxes on both the state and federal levels starting on January 23. You should submit your tax return as soon as you can, especially if you expect to receive a refund, according to Scott Hardin of the Department of Finance and Administration.

It takes between six and eight weeks for paper returns. On the internet, it is shortened to between two and four weeks. Additionally, paper checks will take more time to get to you than direct deposits.

“The key question and I know the number one question that Arkansans want to know after they file is ‘where is my refund? I want to know the status of it, where is it?’ and we do have a tool on our website where you can go check that and it will tell you one if it’s been processed, two it’s on the way,” Hardin said.

Since the maximum tax rate was lowered to 4.9%, according to Hardin, Arkansans will also be able to save more money this year. The state’s lowest rate has ever been that.

“Just this year alone Arkansans, this tax filing season, will save $295 million and that’s $295 million that stays in their pockets versus being paid to the state so there is something to look forward to,” Hardin said.

Resources are available at DFA.Arkansas.gov on the Department of Finance and Administration’s website if you need assistance with your taxes.

April 18th is the cutoff day for filing taxes or requesting an extension.