There are several ways to get your income tax refund as quickly as possible. Follow these tips from OnesFinance to get your tax refund faster than ever.
Everyone looks forward to getting their tax refund. They can use it to pay off debt, put it into their savings, take a vacation, or buy something they’ve been wanting for a long time. According to Yahoo! Finance, the average federal tax refund for individuals was $2,707 for 2019 taxes filed in 2020.
This is a nice chunk of change. But if you need it quickly and you’re worried about how long it’s going to take to get your tax refund, thankfully, there are some things you can do to ensure you get it as soon as possible.
Here are ways in which you can get your tax refund faster in 2021.
File Your Taxes Sooner
The sooner you file your taxes, the sooner your refund will arrive. Perhaps you’re hesitant to file because in the past, you didn’t like doing your taxes. Keep in mind that in 2021, taxes are due on Thursday, April 15. If you are filing in Texas, federal filing has been extended to June 15, 2021.
You can file electronically through any tax software or CPA, or the IRS itself if you qualify. This is going to be much quicker than mailing in a paper return. According to the IRS, once you mail your refund and they receive it, it can take up to six to eight weeks to process your refund. You’ll also have to factor in how long it’ll take to reach the IRS; that could add a few more days or weeks.
Use Direct Deposit
According to the IRS, eight out of 10 taxpayers use direct deposit to retrieve their tax refund. The IRS sends out more than 9 out of 10 direct deposit refunds in less than 21 days, and, if you’re eligible for a COVID-19 stimulus check, you’ll get it that much quicker with direct deposit. When you’re filing your taxes, you can just select direct deposit as the option to receive your refund, and then provide your routing and account number. They can be found on a paper check or by looking at your bank account online.
Check Your Refund Status
You can typically check the status of your refund within 24 hours on the IRS’ website if you file your taxes electronically. Then, you should get your payment within 21 days.
If it’s been more than 21 days after you filed electronically and you selected direct deposit and you still haven’t gotten your money, then again, you can log onto the IRS’ website and provide your Social Security number, filing status, and refund amount.
If you’d prefer to call, then you need to wait at least four weeks since you filed your return, and then call the IRS TeleTax System at 1-800- 829-4477. You’ll need to provide your Social Security number, filing status, and the amount of your refund.