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Tips To Receive 2023 Tax Refund Early— Here’s What You Need To Know!

IRS Tax Refund
IRS Tax Refund

The Internal Revenue Service (IRS) will not be accepting tax returns until the end of January 2023. However, read and learn how to receive tax refunds as soon as possible.

Tax Refund

Tax Refund

In addition to the Internal Revenue Service (IRS) not accepting tax returns until the end of January 2023, relevant documents such as the W-2 will not be available yet as well. However, if a taxpayer wishes to receive the federal tax refund as soon as possible, the most fundamental advice is to file as soon as possible. Filing online through IRS Free File, endorsed by IRS itself, or commercial services such as H&R Block or TurboTax may also process the tax refunds faster.

According to CBS News, upon filing online, taxpayers must request for the tax refunds to be sent to their bank accounts via direct deposit payments. Making sure that the tax returns do not have incorrect information is also one way of speeding up the process. Reportedly, most taxpayers will receive their tax refunds within 21 days.

READ ALSO: IRS Changes In 2023 To Increase Paychecks, Reduce Taxes

Tax Refund Advance Services

However, for the possibility to receive tax refunds earlier than 21 days, taxpayers may use tax-refund advance services. These services offer short-term loans where taxpayers receive the amount of tax refunds owed to them. The loans are funded by the tax refunds expected to be received and are usually compensated by them. Commercial services such as Jackson Hewitt or H&R Block also offer loans with no fee and a 0% annual percentage rate, as reported by CBS News.

READ ALSO: Minimum Wage Increase In California Effective On January 1, 2023

 

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