What You Need To Know About Mississippi State Tax Refunds In 2023
Mississippi residents who are expecting a tax refund in 2023 may be wondering what changes have been made since the last filing season. Fortunately, there have been few changes to the Mississippi state tax code that will affect taxpayers. In this article, we will discuss what you need to know about filing for a refund in Mississippi, and what changes have occurred since last year.
Filing Your Mississippi State Tax Return
In Mississippi, the filing season begins on January 15th, 2023 and ends on April 15th, 2023. If you file your return by April 15th, you can expect your refund to arrive within 8-12 weeks. You can file your tax return either electronically or by mail. You can file electronically through Mississippi's Department of Revenue website, or you can obtain a paper form from your local tax office or library. If you file electronically, you will receive your refund faster than if you file by mail.
Mississippi Tax Refunds
If you are due a refund, you will receive it as a direct deposit or a paper check. Direct deposit is the fastest way to receive your refund, as it will arrive within 8-12 weeks after filing your return. If you choose to receive a paper check, it will take longer to process, but you will still receive it within 8-12 weeks after filing your return.
Changes Since Last Year
There have been few changes to the Mississippi state tax code since last year. The personal exemption has been increased from $2,500 to $2,550, and the standard deduction has been increased from $6,200 to $6,320. Both of these changes will benefit taxpayers who claim the standard deduction on their returns. Additionally, the maximum earned income tax credit has been increased from $2,000 to $2,050.
Amending Your Return
If you need to amend your Mississippi tax return for any reason, you can do so by filing Form 80-105. This form must be filed within three years of the date that the original return was due. You must also include any additional documentation that is necessary to support the changes that you are making to your return. It is important to note that amending your return will likely delay the processing of your refund.
Other Important Information
If you owe taxes to the state of Mississippi, you can pay them electronically or by mail. Additionally, if you are unable to pay the full amount of taxes due, you can work out a payment plan with the Department of Revenue. This payment plan will allow you to pay your taxes in installments, rather than all at once. If you are unable to pay your taxes, it is important to contact the Department of Revenue as soon as possible.
Conclusion
Filing for a Mississippi state tax refund in 2023 is relatively straightforward. While there have been few changes to the Mississippi tax code since last year, it is important to be aware of the changes that have occurred. Additionally, it is important to note that filing an amended return can delay the processing of your refund. Finally, if you owe taxes to the state of Mississippi, you should contact the Department of Revenue as soon as possible.