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What are the IRS changes for 2023?

For single taxpayers and married individuals filing separately, the standard deduction is set at $13,850 in 2023, compared with $12,950 last year. Thats an increase of about 6.9%. Heads of households standard deduction in 2023 jumps to $20,800 from $19,400 in 2022. Thats an increase of 7.2%.

Is the IRS taking longer to process returns 2023?

The Internal Revenue Service (IRS) has issued a warning that taxpayers may experience delays in receiving their tax refunds in 2023. This news comes as a result of factors like - ongoing changes to tax laws, processing backlogs, and other administrative issues.

Why is my CRA refund taking so long?

The CRA may select your return for a more detailed review. If this happens, it may take longer to process your return and issue any refund.

What does your return processing has been delayed beyond the normal timeframe?

Hence sometimes the we apologize, but your return processing has been delayed beyond the normal timeframe simply means that your tax return requires special handling, which is why its review will take longer than usual.

How long can the IRS hold your refund for processing?

If the IRS is reviewing your return, it may have questions about your wages and withholding, or credits or expenses shown on your tax return. The review process could take anywhere from 45 to 180 days, depending on the number and types of issues the IRS is reviewing.

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What is a Section 174 statement?

A taxpayer may claim a 174 deduction on expenditures made for research and experimentation in which the end product is depreciable property used in the taxpayers trade or business.

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