Tax Filing: Two Details That Could Speed ​​Delivery of IRS Refunds

Americans could accelerate the timeline for receiving tax refunds this year if filers take two key steps.

Why is it important

Taxes can be filed on January 27th, but tax refunds may occur at different times depending on filing decisions.

What tax year do we file in 2025?

In 2025, tax season applies to income earned in 2024. This means that every taxpayer filing between January 27th and April 15th should fill out forms based on the money they earned the previous year.

When is the earliest I can file my taxes?

Tax season doesn’t officially begin until January 27th. At this time, filers can begin filing to receive refunds as early as possible.

Taxpayers should keep in mind that they may have to wait for employers to send the applicable W2 form to complete the information required for a tax return.

Where is my refund from the IRS?

The Internal Revenue Service tends to accept tax returns within 48 to 72 hours. At this point, Americans will likely wait between two and three weeks for refunds to appear.

To track the status of an individual refund, filers can use the IRS “Where’s My Refund” tool on IRS.gov or the IRS2GO app.

Refund status will be available within 24 hours of receipt of an e-filed return.

Tips for submission

There are several ways to expedite a tax return that occurs on a bank account.

For one, filers should e-file taxes because it speeds up the process by taking information directly into the IRS system rather than relying on paper forms.

Additionally, taxpayers should enroll in direct deposit, which will result in refunds arriving sooner. According to the IRS, filers can also split the refund into multiple accounts.

How long does it take for the tax refund to appear in my bank account after approval?

Tax refunds should be reported within 21 days of accepting a tax return. However, this process can be expedited if a filer chooses e-filing and direct deposit for their return.

The average tax refund in 2024 was around $3,050 for the 2023 tax year. This was a 5 percent jump from the previous year, according to the IRS.

What is the standard deduction for 2024?

The standard deduction for the 2024 tax year is $14,600 for single filers and $29,200 for joint filing.

This refers to the set amount that a person can deduct from their income to reduce how much income is taxed.

What people say

Drew Powers, founder of Illinois-based Powers Financial Group, recounted Newsweek: “Getting the biggest refund in the shortest amount of time is a two-step process. First, prepare for a filing in advance by gathering last year’s returns and schedules and gathering all of this year’s forms: W-2 for employment wages, 1099 for self-employment income, Dividends and interest, 1098 for mortgage interest, 1095-A for health insurance, charitable giving income, etc. Direct deposit.

Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, shared Newsweek: “Sooner and file virtually. For all the grief it receives, the IRS is more efficient at issuing refunds as the e-file option has become the preferred method for millions of Americans week earlier. Using tax preparation software you checked, it is crucial to get any potential errors to ensure your refund is processed.”

What is the deadline for submission?

With tax season just beginning, Americans only have a few months to file on time.

The deadline is April 15 unless an IRS-approved extension is obtained.

How to expand tax filing

There are several ways to extend the tax filing deadline to avoid running into legal or financial problems with the IRS.

To request an automatic filing extension with the IRS Free File, Form 4868 can be filed online. This is the application for automatic extension of time for the file.

This form requires a filer to estimate the amount of taxes owed for the year.