Tax season has begun, and many individuals are looking forward to receiving their returns. The IRS normally processes returns in late January, with the majority of refunds granted within 21 days.
However, factors such as the complexity of the return, the time of year it is filed, and whether the return is done online or on paper can all impact processing time.
You’re in luck if you’re one of the early birds who submit their taxes as soon as the IRS begins collecting returns (typically in late January).
Because the IRS normally processes these forms more quickly, you may receive your refund sooner rather than later. It’s similar to having an advantage in the race to your mailbox or bank account.
When Should I Expect my Tax Refund?
Here are some tips for getting your tax refund faster:
E-filing is the Fast Lane
E-filing your tax return is one of the best strategies to accelerate your refund. When you e-file, your tax return is received electronically, which reduces the possibility of errors and ensures a more efficient processing path. ‘
When you file electronically, you can also choose direct deposit, which is speedier than obtaining a paper cheque.
Check Your Status
On their website, the IRS has a handy feature called “Where’s My Refund?” You can check the status of your refund by entering some basic information (such as your Social Security Number and filing status).
It gives you real-time information so you know precisely where your money is in the refund process.
may delay the processing of your tax refund, as the IRS still needs its usual processing time.
Refunds for refundable tax credits like Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) may also be delayed due to IRS regulations preventing fraud.
State tax refund processing times can vary, so it’s crucial to check with your state’s tax agency for specific timelines
The timing of your tax refund depends on when and how you file your return, but the IRS aims to process refunds as quickly and efficiently as possible.
To stay updated on your refund’s progress, e-file if possible and use the “Where’s My Refund?” tool. With the right approach and patience, you should receive your refund before you know it.