If you’re expecting a tax refund this season, chances are you’ve already organized your tax documents in preparation for filing. The IRS offers valuable tips to expedite the return process and ensure a faster refund, but you gotta go step-by-step, in the correct order, to make it fast and easy to get.
Taking a few additional minutes to follow these guidelines can result in receiving your refund, on average, within 21 days, compared to the potentially longer four weeks or more if not adhered to. Discover the advantages of opting for direct deposit and electronic filing with the IRS, and learn how to implement these practices for an expedited refund.
File Taxes Electronically Could Speed Up Your Refund
Firstly, consider filing electronically for a quicker refund. Combining electronic filing with direct deposit is more efficient than mailing paper tax returns. The IRS strongly recommends avoiding paper returns whenever possible, as filing electronically reduces processing delays. Filing your tax return early in the season, rather than closer to the deadline, further enhances the likelihood of a swift return.
To file electronically, you can utilize the IRS’ Free File service or opt for one of this year’s top tax apps, both of which enable electronic filing. Secondly, choosing direct deposit significantly expedites the receipt of your tax refund. During the tax filing process, you typically have the option to link a bank account for direct deposit.
The IRS emphasizes that the “best and fastest way to get your tax refund is to have it electronically deposited for free into your financial account.” Direct deposit allows you to receive your money in up to three different accounts if you wish to split your tax refund.
Setting up direct deposit is strongly recommended by the IRS to avoid any potential delays with your refund. On average, individuals who file electronically with direct deposit receive their tax refunds in less than 21 days, according to the IRS.
Advantages of the Tax Refund Direct Deposit
Direct deposit stands as a cost-effective and eco-friendly solution in the realm of tax filing, benefiting both individuals and the government. Opting for direct deposit not only expedites the refund process but also saves resources by eliminating the need for paper checks.
One notable advantage of direct deposit is the flexibility it offers in managing your funds. When filing your 2023 taxes, you have the option to allocate your tax refund to multiple accounts. This feature enables you to strategically distribute your funds, catering to various financial needs or goals.
To leverage these benefits, it’s essential to set up direct deposit when filing your 2023 taxes. This straightforward process streamlines the refund delivery, ensuring a faster and more efficient experience. By providing your bank account details during the filing, you contribute to the reduction of paperwork and overall processing time.
However, a common concern may arise: what if you don’t have a bank account for direct deposit? In such cases, it’s advisable to explore opening a bank account to fully capitalize on the advantages of direct deposit. Financial institutions offer various types of accounts, including those with minimal or no fees, making it accessible for individuals who haven’t yet embraced traditional banking.