The IRS encourages all taxpayers to submit their tax returns as early as possible to prevent delays in processing and receiving tax refunds. A significant number of filers are anticipated to obtain a tax refund this year, and filing your taxes promptly can lead to receiving your payment sooner.
This approach also provides ample time before the 15 April deadline, in case you encounter any issues while finalizing your return.
If you require additional time to complete your return, you can request a six-month extension, but keep in mind that any unpaid taxes still need to be settled by the original deadline.
Tips for Ensuring a Quick Tax Refund
Many approach tax season with trepidation, but most taxpayers ultimately end up receiving a refund. The tax system is designed so that workers generally pay enough taxes throughout the year to cover their tax liabilities comfortably.
This often results in taxpayers having overpaid slightly during the previous 12 months, making them eligible for a tax refund from the IRS.
In recent years, refund amounts have been boosted by several pandemic-related relief initiatives, including stimulus checks and the enhancement of the Child Tax Credit. However, these federal programs have now been phased out.
That said, the average refund amount is still expected to exceed $2,000, providing a substantial boost for most households. If you’re keen to have that money deposited quickly, here are some essential tips for securing your tax refund promptly…
- File your taxes early – The easiest way to ensure you get your refund first is to file early. Steering clear of the annual tax rush is crucial for a speedy refund.
- Opt for electronic submission – The traditional methods aren’t the most efficient when it comes to tax returns. Utilize the IRS’s digital submission system to receive your refund weeks ahead of those who file by mail.
- Request a direct deposit – Similar to your submission, choosing to have your refund paid digitally will save considerable time. The IRS takes longer to issue paper checks, and mailing them can result in additional weeks of waiting.
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