When thinking about taxes, the refund is pretty much the only thing that taxpayers anticipate. It’s not like many are looking forward to paying their estimated taxes or letting their employers withhold tax.
While you will undoubtedly look forward to your tax refund, it will take time to appear in your mailbox or bank account, depending on how you choose to get it. Still, there are ways you can go around this to make your tax refund get to you faster. This article will go over everything you need to know on how to get your tax refund faster.
For your tax refund to be issued to you, the Internal Revenue Service needs to process your tax refund and approve the refund first. Before this, you won’t get it. As this directly correlates to how fast the IRS receives your refund and processes it, your filing method matters a lot.
On average, it takes six to eight weeks for the Internal Revenue Service to process paper tax returns. Compared to electronically filed tax returns, which take about three weeks, the time difference is huge. Just by filing taxes electronically, you will save a ton of time and get your tax refund quicker – at least compared to paper filing.
Considering you have two options for filing taxes, electronic filing is a lot better as far as getting your tax refund faster.
Choosing to file taxes one way over another isn’t the only thing you can do to get your tax refund sooner. Another thing to do is opt to get your tax refund directly deposited into your bank account rather than requesting a paper check.
Since it will take about a week for your physical paper check to get to your door from the date the IRS approves your refund, it will add up to the time. Instead, choosing to get your tax refund direct deposited into your bank account is a faster way to do so. These direct deposits are also almost instantaneous.
How to track tax refunds?
The Internal Revenue Service has its own tracking tool for tax refunds. Use the Where’s My Refund tool to track the status of your tax refund. It’s simple to use and all you need is to enter your filing status, Social Security Number, and exact refund amount as shown on your tax return. Go to the Where’s My Refund online tool.
My tax refund was sent, but it hasn’t arrived yet.
If the IRS has approved and sent your refund, but you haven’t received it, the first thing to do is wait, particularly if you chose to get your refund as a check. When it has been an unusual period since the refund was sent, give the IRS a call at 1-800-829-1040.
How to calculate tax refund?
The way the tax refunds are calculated is straightforward. You do it on your federal income tax return, and when the IRS takes a look at it, the process is the same. Take your tax liability and subtract the total taxes paid during the tax year. If the taxes paid is higher than what you owe, you are due a refund, and the amount overpaid is how much you’ll get.