IF you’re expecting a tax refund, the good news is that processing is underway.
Tax season is officially underway, with the IRS accepting returns as of January 27.
gettyThe deadline to file is April 15[/caption]Waiting for your refund can feel like a long process, but luckily, there are steps you can take to track your refund and ensure it arrives directly in your mailbox without delays.
Millions of Americans are expected to file their returns before the looming April 15 deadline.
It has been noted that the IRS plans to issue most tax refunds within 21 days, which means taxpayers who file now could get their tax refunds as early as the beginning of February to mid-February.
To avoid delays, there are a few steps that can be taken.
PERFECT TIMING
The deadline to file taxes is April 15, but there are a few exceptions in some states.
Due to statewide holidays, taxpayers in Maine and Massachusetts have until April 17 to file.
Likewise, tax relief efforts are being put into place for those affected by natural disasters.
All things considered, there are several things you can do to avoid your tax refund being delayed.
Filing your taxes early or on time will ensure you’re paid as soon as possible.
The IRS Free File is available to those who made $84,000 or less in 2024.
The IRS also announced new programs like the Direct File program to aid the tax filing process.
You can also opt to expidite your tax refund by filing electronically with a direct deposit.
If you’re filing with paper, it’s common for returns to take longer, meaning a longer wait for your refund.
“This has been a historic period of improvement for the IRS.
“People will see additional tools and features to help them with filing their taxes this tax season,” said IRS Commissioner Danny Werfel.
WRONG TURN
It will also, of course, affect how quickly you get a refund if the IRS identifies any problems with your return.
Claiming either the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) can also slow down a tax refund.
“The IRS expects most EITC/ACTC-related refunds to be available in taxpayer bank accounts or on debit cards by March 3 if they chose direct deposit and there are no other issues with their tax return,” shared the agency.
Be sure to check before completing any forms. Any errors, missing or incorrect information, such as misspelled names or Social Security details, can also delay your refund.
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