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Faster Tax Refund in 2025

As we approach the upcoming tax season, it is essential to prepare for a faster tax refund and steer clear of common errors that could delay the process, according to advice from our dedicated expert tax professional. Individual taxpayers can anticipate the commencement of tax season on January 27, while the Internal Revenue Service has already begun accepting and processing tax returns for the year 2024.

Looking forward to receiving a faster tax refund this tax season? Speed up the process and access your funds sooner with RapidTax, along with the added benefit of complimentary assistance from our experienced tax experts.

faster tax refund

As the upcoming tax season approaches, the IRS is gearing up to begin processing tax returns for the year 2025 in January. To expedite the receipt of your tax refund, several strategies are recommended by our team of tax specialists. Delays in receiving tax refunds are frequently attributed to errors made by individuals, as highlighted by our dedicated expert Tax Professional at RapidTax.

The IRS is preparing to process over 140 million individual tax returns in the upcoming season. For most filers, the tax deadline is April 15, although a few states have extended deadlines.

In general, a tax refund is received when an individual pays more in taxes than necessary during the year. Looking back at the recent tax season, statistics showed that the average tax refund from the previous year’s filings amounted to $3,167. This figure marked a 2.6% decrease compared to the refund amount from the preceding season.

The best way to get your tax refund fast

For those looking to expedite their tax refund process, experts recommend utilizing certain methods. Opting to electronically file tax returns and choosing direct deposit can significantly accelerate the receipt of your refund. In the fiscal year 2022, the IRS reported that approximately 93.8% of individual taxpayers preferred to file their returns electronically.

Before opting for direct deposit, it is crucial to verify the accuracy of your banking information, specifically the routing and account numbers. In cases where these details are incorrect, the IRS may need to send your payment via check, according to experts.

Accurate Tax Refund Filing. Don’t guess.

One of the common causes of delayed refunds is errors on tax returns. According to a Tax Professional from RapidTax, precision is crucial when filing your taxes.

It is essential to have all the required tax forms on hand to ensure a smooth and accurate tax filing process. Failure to provide complete and error-free information may result in the IRS flagging your return for missing details. The IRS points out that common tax return errors can be quite basic, including issues like inaccurate Social Security numbers, misspelled names, incorrect data entry, and mathematical inaccuracies.

When to expect your tax refund

In most cases, taxpayers can expect to receive their tax refund within 21 days after filing their return, with many individuals receiving it sooner. Opting for electronic tax filing speeds up the process, whereas paper-filed returns or submissions containing errors may experience delays.

There is a longer waiting period for refunds for those who qualify for the earned income tax credit or child tax credit. The IRS states that these filers can expect to receive their refunds by February 27.

Tools to check you Tax Filing Status

Explore the status of your payment by utilizing the “Where’s My Refund” feature. This feature now offers additional information for this tax season, such as any required steps for taxpayers. Easily track the progress of your refund within a day of submitting an electronic return for the current year, as the IRS refreshes the tool daily.

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Tax Refund Advance Loan: Get an Advance in 2025

Are you looking for a quick cash solution while anticipating your tax refund? Consider the possibility of utilizing a Refund Advance or Tax Refund Loan to access funds promptly. While it may seem like a convenient option, do weigh the potential costs associated with tax preparation against the benefits.

Gain early access to your tax refund with tax refund advance loans, also known as “Refund Advance.” This type of loan is provided by tax preparation companies and is repaid using your tax refund. Some of these loans do not charge interest, but interest may apply if you choose to receive the funds before 2025.

When working with tax preparers, borrowers are often asked to have their taxes prepared by the preparer, a service that typically incurs a fee.

Tax Refund Loan

What are tax refund advance loans?

During the period of December to February, tax refund advance loans become available for those seeking short-term financial assistance before receiving their IRS tax refunds. These loans typically range from $100 to $6,500 and are designed to be repaid once the tax refund is issued, providing a convenient solution for managing financial needs.

When it comes to receiving certain types of loans, funds can be transferred swiftly, either onto a prepaid card within a day or directly into your bank account within a couple of days.

How Do Tax Refund Loans Work?

When you file your tax return with a tax preparer, you can apply for either the refund advance or the refund loan. Many tax preparers collaborate with a banking institution to fund these financial products.

When it comes to tax refund loans, the credit score prerequisites are typically more lenient than those for unsecured loans without impacting their credit score.

The size of your anticipated refund may be a deciding factor in determining eligibility for a tax refund advance loan. These loans necessitate confirming your identity, examining your tax return information, and assessing your tax history.

Upon receiving approval, the loan amount is conveniently accessible through various means. You may find the funds swiftly deposited into a designated checking account by the tax preparer, loaded onto a prepaid card with potential limitations and fees, or directly sent to your personal bank account. Subsequently, the tax preparer will deduct the outstanding loan amount and any accrued interest from your tax refund upon its release by the IRS.

When Are Tax Refund Loans Available?

Typically, Rapid Tax offers tax refund loans starting in December and continuing through February each year. It is important to note that specific timeframes may differ, so ensure you subscribe to our Email Newsletter to stay informed about the latest developments.

How Fast Can I Get a Tax Refund Loan?

It can take a day or two.

Can I Get a Loan for My Tax Refund if I Have Already Filed It?

Individuals usually seek a tax refund loan when submitting their tax returns through a tax preparer’s office. Opt for Rapid Tax to conveniently apply for a tax refund loan via their online platform while filing your taxes.

Pros and Cons of Tax Refund Loans

Pros

  • There’s often no hard credit pull. 
  • Most loans are interest-free.
  • Funding is fast.

Cons

  • You will likely have to pay a tax filing fee.
  • You may be required to open an account or debit card of the tax preparer’s choosing.
  • The loan is subtracted from your IRS tax refund.

Tax Refund Loan Alternatives

Exploring alternative lending options might lead you to discover a more favorable interest rate for a loan of similar size, allowing you to settle it using your reimbursement. Specific loan applications can offer a paycheck advance with minimal or zero fees.

When you need quick funds, you can usually borrow a few hundred dollars through certain apps, which will automatically deduct the advance from your bank account on your upcoming payday. Keep in mind that along with the borrowed amount, loan apps might include subscription fees, expedited funding fees, or suggest optional tips. While these apps offer immediate assistance, they should be viewed as a short-term remedy rather than a permanent solution.

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Preparing to File Taxes in 2025. Tax Filing Guide

This brief overview offers insight into the steps, timing for filing taxes in 2025 for tax return for individuals new to the tax-filing process or seeking guidance on filing independently.

A Step-by-Step Guide to Filing My Taxes in 2025

Navigating the world of tax filing can be overwhelming, even for those who typically exude self-assurance. The decision-making process can be complex for first-time filers, with questions arising about the most suitable approach: Is it better to attempt filing independently, opt for DIY software, or seek professional assistance?

No matter your stage, we aim to outline four key steps to assist you in managing your taxes effectively and simplifying the process of filing taxes for the year 2025.

1. Decide Which Taxes You Need to File in 2025

Determining if you need to submit a tax return for the current year is influenced by various factors such as your income, tax filing status, age, and other considerations. Additionally, your dependency status for tax purposes plays a significant role in this determination.

Should you find yourself not obligated to submit a tax return, there remains a compelling incentive to do so: the possibility of claiming a tax deduction that could result in a refund.

Individuals with lower incomes could benefit from exploring the earned income tax credit, a refundable tax credit that are designed to assist working families. Additionally, those who have dependents under 17 years old may qualify for the child tax credit, which offers a partial refund.

File Taxes in 2025 if:

  • If I am qualified for tax credits.
  • If I have any income tax withheld from my paychecks.
  • If I filed estimated tax payments or had last year’s tax refund applied to this year’s estimated tax.

2. Mark your calendar for 2025 Tax Deadlines and Dates

Understanding the various deadlines is essential for managing your taxes effectively. While mid-April marks the cutoff for submitting federal income tax returns for most people, there are numerous other key dates that require attention.

When Can I Begin to File My 2025 Taxes?

As of January 27, 2025, the IRS commenced its operations, signaling the initiation of receiving and handling tax returns for the 2024 tax year.

Begin getting organized with Rapid Tax now to position yourself at the forefront of the line when the queue becomes available. For instance, take advantage of the IRS Free File program for eligible taxpayers to access Rapid Tax starting on January 12.

When Do You Need to File Taxes in 2025?

Indeed, the main objective of the upcoming tax filing season in 2025 is to process tax returns for the year 2024. When the time comes, you must file your 2025 taxes by April 2026.

The deadline for submitting tax returns fell on April 15, 2024. If an extension was requisitioned by Tax Day, the deadline for your tax return would be extended to October 15, 2025. It’s important to note that tax extensions grant additional time to file your tax return but do not extend the deadline for paying your taxes.

Consider the possibility of needing to submit a state tax return as well. While the deadline typically aligns with the federal tax deadline, certain exceptions may apply.

3. Understand how your taxes are determined

When determining your tax liability, the government segregates your taxable income into distinct sections known as tax brackets. Each bracket is subject to a specific tax rate, ensuring that you pay a different rate on your entire income, regardless of which 2025 tax bracket you fall into.

In the United States, the tax system operates progressively, where individuals with greater taxable incomes face higher federal income tax rates. In comparison, those with lesser taxable incomes are taxed at lower rates.

Income taxes at the federal level represent just one component of the broader taxation landscape. In addition to federal income taxes, most states also levy income taxes, with the specifics varying based on factors like residency and location. Different states adopt different approaches to taxing income—some opt for a progressive system akin to the federal model, while others impose a flat rate. Notably, nine states, including Alaska and Wyoming, do not impose a state income tax.

4. Decide How to File your Taxes in 2025

File taxes online with Rapid Tax

Once you engage with Rapid Tax software, you are familiar with filing taxes online. Upon signing in, the system prompts you with inquiries related to your personal information, financial status, and earnings to assist in completing the necessary tax documents required by the IRS.

The cost of services may vary based on the level of intricacy in your tax return or the extent of assistance required. At Rapid Tax, a specialized and dedicated Tax Professional or Tax Help is available to guide you every step of the way.

Offering comprehensive software packages and support options, Rapid Tax provides access to knowledgeable tax professionals through on-demand, on-screen, or online platforms. Users can seek advice, have their returns reviewed, and even file taxes electronically with the assistance of these experts.