With the tax season officially underway, the IRS has opened the floodgates for 2024 individual tax returns. For those eyeing a tax refund, there are a few essential bits of advice from the experts you should know about.
Mark Steber, Chief Tax Information Officer at Jackson Hewitt Tax Services, shares some straightforward tips for securing your refund as quickly as possible. This year’s deadline for most filers in the U.S. is April 15, and the IRS is gearing up to receive more than 140 million returns by then.
According to the IRS, you typically receive a refund if you’ve overpaid your taxes from the previous year. Conversely, you may owe if you didn’t withhold enough from your paycheck or make timely tax payments throughout the year. As of late December, the average refund for the 2024 tax season was $3,138—a bit shy of the amount from 2023.
### Getting Your Refund Faster
If you want your tax refund posthaste, electronic filing and opting for direct deposit are your best bets, says Danny Werfel, former IRS Commissioner. During a press call in early January, Werfel mentioned that 90% of taxpayers will get their refund within 21 days, if not sooner. After submitting your electronic return, you can verify your refund status 24 hours later through the IRS.
A word to the wise: Paper checks have been reported by the U.S. Department of the Treasury’s Bureau of the Fiscal Service as being 16 times more prone to issues, such as theft or being sent to the wrong place. Ensure the bank details you provide for direct deposit are accurate—checking and double-checking those routing and account numbers can save headaches down the line. In fiscal year 2023, the IRS noted that over 90% of individual taxpayers chose electronic filing.
### Ensure Your Return is ‘Complete and Accurate’
While the urge to file early is understandable, Elizabeth Young from the American Institute of Certified Public Accountants advises waiting until all necessary tax documents are in hand. Providing a “complete and accurate tax return” is crucial to prevent the IRS from flagging your return for errors, which inevitably leads to delays. Most tax forms come in January, but others may not appear until mid-February, March, or later.
Typical tax return mistakes include wrong or missing Social Security numbers, misspelled names, incorrect entries, and simple math errors, according to the IRS. To ensure a smooth process, a little extra time spent verifying information can go a long way.
