The Internal Revenue Service (IRS) strongly recommends that all taxpayers submit their returns as early as possible to prevent any delays in the processing and distribution of tax refunds. Given the anticipation that a majority of filers will be eligible for a tax refund this year, early submission enhances the likelihood of expedited payment.
In addition, filing early provides ample time before the deadline of April 18, allowing for the identification and resolution of any issues that may arise during the filing process.
Should additional time be required to complete the return, taxpayers have the option to request a six-month filing extension.
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However, it is crucial to note that any outstanding tax obligations must still be settled by the original deadline.
Fast-Track Your Tax Refund: Essential Tips
The tax structure is designed to ensure that individuals pay an adequate amount of tax throughout the year, often resulting in a surplus over the preceding 12 months and rendering them eligible for a tax refund from the IRS.
Over the past four years, refund payments have been augmented by various pandemic-era relief programs, such as stimulus checks and the expanded Child Tax Credit.
While these federal initiatives have been scaled back, the average refund amount is still anticipated to exceed $2,000, presenting a substantial windfall for the typical household.
To expedite the receipt of your tax refund, consider the following tips:
- mFile your taxes early: Submitting your taxes promptly positions you at the forefront for a swift refund, avoiding the annual rush of late tax returns.
- Opt for digital submission: Embrace the IRS’ digital submission system for a faster processing time compared to paper returns, which may take weeks to be processed.
- Choose direct deposit: Opting for a digital refund payment through direct deposit significantly reduces processing time compared to paper checks, which take longer to be produced and mailed by the IRS.