Tax Season is Open: What You Need to Know to Get Your Refund Fast
It’s official: tax season is open for individual filers, and the IRS has started to process 2024 tax returns. If you’re expecting a refund, there are key things to know to get the fastest refund possible. According to tax experts, there are simple tips to follow to ensure a speedy refund.
For most filers, the federal tax deadline this year is April 15 for returns and balances. The agency expects more than 140 million individual returns before the due date. To receive a refund, you typically need to have overpaid taxes the previous year. However, you could owe money if you didn’t withhold enough from your paycheck or didn’t make payments throughout the year.
As of December 27, the average refund was $3,138 for the 2024 filing season, slightly lower than 2023. To get a faster refund, experts recommend filing electronically and choosing direct deposit for your payment. You can check the refund status of your current-year, electronic filing with the IRS 24 hours after submitting your return.
Paper refund checks are 16 times more likely to have an issue, such as theft or misdirection, according to the U.S. Department of the Treasury’s Bureau of the Fiscal Service. However, it’s also important to enter banking details correctly when selecting direct deposit for payment, as mistakes can cause delays.
Before filing, it’s essential to wait until you have all the necessary tax forms, according to Elizabeth Young, director of tax practice and ethics for the American Institute of Certified Public Accountants. You want a “complete and accurate tax return,” she said, to avoid delays due to mistakes. Common tax return errors include missing or inaccurate Social Security numbers, misspelled names, entering information wrong, and math mistakes, according to the IRS.