You may wonder: Can I get my tax refund earlier than expected?
You should always aim to file for your tax refund at the first opportunity you get. Not only do you get hold of your money quicker, but you will reduce the risk of your refund being stolen by criminals.
This usually happens when someone steals your personal information, goes under your name, files for a fake tax return, and walks off with the money.
You won’t be able to file for a tax return because you will already be registered to wait for it. This will result in you having to sort this out with the IRS, which could take months.
How Can I Get My Tax Refund Back Faster?
Instead of waiting for a drawn-out paper tax return, which will most likely take six to eight weeks to process, you should rather file electronically.
The IRS will issue your refund in less than 21 days if you do so since they won’t have to wait to receive your paper return.
The first thing you should do is to open an account and register online with one of the IRS’ following free service providers that are suitable for your needs:
- IRS’ Free File Fillable Forms Service: It is exactly what it says. You can prepare and e-file your federal tax return forms online by using their guided tax preparation services, free of charge. Taxpayers whose Adjusted Gross Income (AGI) is greater than $73,000 qualify for this option.
- The IRS’ Free File Service: With their free guided tax preparation, you can fill in and e-file your federal tax return forms online. This option is available to individuals whose AGI is $73,000 or below.
Note: If you have not received an official email stating that the IRS accepted your return, you have not successfully filed yet.
If you receive an email that declares your return has been rejected, you’ll have to redo the filing and correct any potential errors, then resubmit your return.
There is no check needed for your tax refund. Simply sign up for a direct deposit. This will allow the amount to be paid directly into your bank account to give you the fastest and easiest access to your money. It doesn’t get easier!
You will also be able to split your refund into as many as three accounts of your choice. You could then, for example, channel some of it into a savings, health care, or retirement account for you to use for your benefit later.
Track Your Refund
Tracking your refund will help you gauge more or less when to expect your money. Usually, you can start tracking your refund within 24 hours of the IRS accepting your return. This is if you have e-filed your tax return.
Whereas if you mail your tax return, you’ll have to wait four weeks before you can start tracking it.
The IRS will notify you if they’ve received and accepted your return and, finally, when they will send your refund.
Categorised in: Tax Preparation