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Tax Refund: Americans To Receive Payments Earlier Than Expected

Tax Refunds [Photo: CBS News]
Tax Refunds [Photo: CBS News]

Read and find out in this article the ways how to receive tax refunds earlier than expected. Avoid delays so you can receive your tax refunds fast!

Income Tax Return [Photo: Canara HSBC Life Insurance]

Income Tax Return [Photo: Canara HSBC Life Insurance]

On January 23, the tax season for the 2023 tax year has officially begun, while the taxes are due on April 18. Generally, the tax refunds will be received 21 days after the tax returns have been filed. However, tax filers must first guarantee that they have electronically filed an accurate tax return and opted for direct deposit as payment. This is because paper filings of the tax returns and inaccuracies may delay the tax refunds. 

According to Dore, claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (CTC) may also delay the tax refunds for low to average-income workers. This is because the Internal Revenue Service (IRS) does not begin issuing these tax refunds until February 28. Nonetheless, the IRS hired and trained more employees to improve their services. In the meantime, there are ways to receive tax refunds earlier than what is expected.  

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File As Soon As Possible

According to Orem, there is no faster way to receive tax refunds than filing tax returns as soon as possible. All important information for filing tax forms like W-2 and 1009s must be already prepared. If tax preparers are needed, they must be booked in advance because they will likely be busy with other clients. If a tax software is needed, it must be bought and learned early to be ready for the tax filing.

File Electronically

Another way to receive tax refunds early is to file electronically and avoid filing paper tax returns. This is because paper returns can up to 2 months to process. With electronic filing, the IRS can issue the tax refunds within 21 days.

To file electronically, a tax filer may use the IRS’ Free File service. If a tax filer has an adjusted gross income of less than $72,000, the IRS can connect them with a tax software to prepare and file tax returns electronically. However, if a tax filer earns more than $72,000, they can use the IRS’ Free File Fillable Forms service to file electronically instead.

Choose Direct Deposit

Lastly, tax refunds may also be received early if a tax filer opts for a payment via direct deposit when filing. With this payment, the tax refunds go directly into the tax filer’s bank account. A tax filer may also spread their tax refunds across as many as three accounts. On the contrary, the paper checks will still have to go through the U.S. Postal Service.

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