Ten Tips to Getting Your Tax Refund Faster!

It’s the height of tax season and thousands of IRS employees have just been let go, will your refund be delayed? Probably not, the IRS will reallocate workers from other areas to help meet the needs of tax season. Still, put yourself in the best possible position to receive your refund on time with our 10 tips:

1. Avoid errors. Accurately provide your name, filing status, and date of birth and SSN for yourself and each dependent listed on the tax return. The SSN and individual’s name should be entered precisely as indicated on the Social Security card.
2. Have pertinent forms ready. Gather all your W-2s, 1099s and other financially pertinent information, as well as any supporting paperwork for tax credits or deductions like mortgage interest payments. Having the previous year’s tax return accessible is also advised.
3. Report ALL income. Taxable income includes interest and dividends, unemployment benefits and income from your side gig, etc.
4. Check the box. Answer the digital assets question whether or not you engaged in a transaction involving digital assets in 2024.
5. E-file. Using an electronic filing method decreases mathematical errors, identifies potential tax credits or deductions for which the taxpayer qualifies and prompts taxpayers for missing information.
6. Request direct deposit. Electronic filing and selecting direct deposit is the fastest and safest way to receive a refund. Ensure the routing and account numbers provided for direct deposit are accurate to avoid delays or misdirected refunds.
7. Remember to sign. When submitting a joint return, both spouses must sign and date the return.
8. Make a payment. Tax payments are still due on April 15 for most taxpayers. Paying with a debit or credit card helps taxpayers avoid having to file a separate extension form.
9. Need more time? You can easily request a 6 month extension until October 15th.While an extension avoids late filing penalties and provides extra time for filing, an extension of time to file is not an extension of time to pay. Taxpayers can seek an extension to file by making a full or partial payment of their estimated income tax and indicating that the payment is for an extension, or file Form 4868 by April 15th.
10. File sooner, get it faster. The sooner you file your tax return the sooner your refund will become available. If you file electronically, you can use the “Where’s My Refund” tool to check the status of a tax refund within 24 hours of filing: https://www.irs.gov/wheres-my-refund. Most refunds are issued in about 21 calendar days. IRS layoffs may add a week or so to that prediction.

Contact us: Our TFG CPAs can help with simple, and more complex situations, like those involving K1s, Section 199A or Qualified Business Income Deductions, or decisions whether to itemize or to take the standard deduction. Call us at 855-542-7537.