Receiving your tax refund is a significant aspect of the tax season. While most people focus on how much they will have to pay in taxes or how complicated they are to fill out, once the process is done, many are left wondering when they will get the money they are owed back (if they were fortunate enough to be owed money and not owe anything to the Internal Revenue Service (IRS), which seems more common).
The IRS prepares and deposits refunds quickly, but there are ways to expedite the process even further. While most people now file and receive their tax returns online, some still prefer to submit on paper and receive their refunds by mail.
This process could take longer. To expedite your tax return, the IRS recommends combining direct deposit with electronic filing for the fastest refund. There is no possibility that it will not be collected, lost, stolen, or destroyed.”
Why the IRS encourages online filing and tax refund
There are several benefits to filing taxes online, including:
- It’s an easy process. Online tax software guides you through the filing process, asking questions to ensure you file a complete and accurate return and claim all applicable credits and deductions. Filing by hand requires knowledge of what to search for and what applies to you. Filing an online tax return is simpler than filing a paper return by mail. If you understand your circumstances, you may do it without a tax preparer.
- The IRS Free File program offers free filing for those with qualifying income levels. For those earning more than the threshold, there are further programs available through the IRS. If your income exceeds the limit, you can use free fillable forms. IRS Volunteer Programs offer free electronic tax preparation and filing for those with complex returns. Spots are limited, so apply quickly if interested.
- E-filing your tax return is handy since it may be done from your home, mobile device, or with the assistance of your tax preparer. When utilizing an unknown device, it’s important to use your IP PIN and remove any personal data from the browser.
- It’s a safe way. The IRS now uses current encryption technology to prevent identity theft, including IP PINs and other security safeguards to safeguard your data. Government websites are no longer easily hackable.
- By filing electronically and selecting direct deposit, you will usually receive your refund in fewer than 21 days, which is far faster than waiting for a paper check.
- When filing electronically, you have the option to make an electronic payment. If you owe taxes, you can electronically file early and set up an automated payment from your bank account on any day up to and including the filing date. You can schedule electronic payments through IRS. Direct Payment. This ensures that you have enough funds in your accounts to cover the expense and that you are not fined by your bank for writing checks that cannot be paid.
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