For those who want to analyze and make improvements to their finances for the upcoming year, January is an excellent opportunity. In addition, a lot of people have started compiling their tax records now in preparation for the 15th April reporting deadline. Millions of Americans will also have an additional incentive in 2024 to move quickly: a larger tax refund. The IRS stated back then that many taxpayers’ refunds from the previous year were lower since there would be no extra stimulus payments “due to the absence of 2022 EIP.” However, the refunds can increase once again for those who file for 2023.
Although there has been an issue with inflation in recent years, several regulations have been modified by the IRS to consider that financial hardship. They have increased their tax rates by 7.2% as a result. That may mean a refund of up to 10% more for people whose income was surpassed by inflation. However, what are the best ways for taxpayers to receive that tax return as soon as possible? We’ll look at it below.
How To Obtain An Early Tax Refund?
You may increase your chances of receiving the new, higher return quickly by choosing a tax-prep service right now and submitting your taxes before the tax season, while the market for tax refund returns heats up.
If someone uses Intel by TurboTax and completes their tax return by March 31st, they could even be eligible to submit it with professional assistance for free. Additionally, taxpayers may increase their odds of having the money deposited straight into their account rather than having to wait for their checks to arrive every day by filing for an electronic return rather than a paper check.
