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Tax season has begun and the IRS has begun processing 2023 returns. If you’re expecting a refund, experts say there are several ways to get your money faster.
Mark Steber, chief tax information officer at Jackson Hewitt, said “self-inflicted mistakes” are often the cause of delayed refunds.
The IRS plans to file more than 146 million individual tax returns this season, and the deadline for most filers is April 15.
Generally, you can get a refund if you overpay in taxes throughout the year. As of Dec. 29, the average refund for last year’s claims was $3,167, a 2.6% decrease from 2022.
“The best way to get your refund fast”
Experts say many Americans rely on tax refunds, and there are ways to speed up the process.
“Filing electronically and choosing direct deposit is the best way to receive your refund quickly,” IRS Commissioner Danny Wuerfel told reporters during a media briefing Friday. Told. According to the IRS, approximately 93.8% of individual taxpayers filed electronically during fiscal year 2022.
Filing electronically and choosing direct deposit is the best way to receive your refund quickly.
danny wurfel
Commissioner of the IRS
If you choose direct deposit, it’s important to double-check your bank account details, including routing and account number. If these are incorrect, experts say, the IRS may have to mail the payments by check.
Don’t “guess” your taxes
Mistakes on your tax return are another reason for delayed refunds.
“It has to be accurate,” Steber said. “You can speculate about horseshoes, but you can’t speculate about taxes,” Steber added. All necessary tax forms are required for a complete and error-free return. Otherwise, the IRS system may flag your return as missing information.
The IRS says some common tax return errors are “surprisingly simple” such as missing or inaccurate Social Security numbers, misspelled names, incorrect information, and calculation errors.
When is the tax refund expected?
Most taxpayers will receive their refund within 21 days of filing their return, but “many will receive their refund sooner,” Werfel said Friday. . Of course, returns filed on paper or with errors may take longer.
There are longer deadlines if you claim the Earned Income Tax Credit or the Child Tax Credit. By law, these filers won’t receive a refund until February 27 at the earliest, according to the IRS.
Werfel said the “Where’s My Refund Tool?” tool will allow you to check the status of your payment and provide detailed information on this season, including what steps taxpayers need to take.
This tool allows you to check your refund status within 24 hours of filing your current year’s electronic return, and the IRS updates your refund status every night.
