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.
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.
