Tax filing: Two details that could speed up the delivery of IRS refunds

Americans could speed up the timeline for receiving tax refunds this year if filers follow two important steps.

Why it matters

Taxes can begin to be filed on January 27, but tax refunds can hit filers’ accounts at different times depending on the choices made during filing.

What tax year are we filing in 2025?

In 2025, the tax season applies to income earned in 2024. This means that all taxpayers who file between January 27 and April 15 must fill out forms based on the money they earned in the previous year.

When can I submit my tax at the earliest?

Tax season doesn’t officially start until January 27th. At that time, filers can start filing to get reimbursed as early as possible.

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

Where is my IRS refund?

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

To track the status of an individual refund, filers can use the IRS’s “Where’s My Refund” tool on IRS.gov or the IRS2Go mobile app.

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

Tips for archiving

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

First, filers should e-file taxes as this speeds up the process by taking information directly into the IRS system instead of relying on paper forms.

Additionally, taxpayers should enroll in direct deposit, which leads to refunds arriving faster. Filers can also choose to split the refund into multiple accounts, according to the IRS.

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

Tax refunds should appear within 21 days of the IRS accepting a tax return. However, this process can be expedited if a branch opts for e-filing and direct deposit for their return.

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

What is the standard deduction for the year 2024?

The standard deduction for tax year 2024 is $14,600 for single filers and $29,200 for those married filing jointly.

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

What people say

Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: “Getting the biggest refund in the shortest amount of time is a two-step process. First, prepare well in advance to file 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, receipts for charitable donations, etc. Being organized makes the process of preparing a return go much faster Second, always use e-filing and direct deposit.

Alex Beene, an instructor of financial literacy at the University of Tennessee at Martin, said Newsweek: “Send early and virtually. Despite all the grief it receives, the IRS has become more efficient in issuing refunds as the e-file option has become the preferred method for millions of Americans. Direct deposit usually ensures a faster processing time of up to a week earlier, the use of tax preparation software that verifies what you have entered and alerts you to any errors is essential to ensure there is no delay in processing your refund.”

What is the deadline for filing?

While tax season has just begun, Americans only have a few months to get their returns filed on time.

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

How to extend the tax return

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

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

On this form, a branch must estimate the amount of taxes owed for the year.