Want a Faster Tax Refund? Here’s What to Do

 Whether you need your return to pay bills, reduce debt, or build up your savings, getting a tax refund sooner rather than later is always helpful. If you need your tax return funds and wish to receive them as soon as possible, below are a few tips to help expedite the process.

Make Sure Your Return Is Error-Free

Errors on your tax return are a quick way to delay your tax return for weeks and even months. While the IRS may correct some simple errors, it will take a while to complete them. If the errors need more information, you may be in for a lot of back and forth communication, delaying your return significantly longer. Make sure to double-check your information and math to reduce your risk of possible errors.¹

File Immediately

Filing your tax return as soon as possible may benefit you in multiple ways. It will put your tax return at the beginning of the queue with the IRS, and it will likely be run through before the rush of last-minute filers and those who have to wait for certain documents. Additionally, filing early will help lower your risk of tax fraud through identity theft. Identity thieves will steal your information and file a tax return on your behalf. If you file your return first, theirs is more likely to be flagged.²

Opt for Electronic Filing

Paper returns are estimated to take between six and eight weeks to process, significantly delaying when you will receive your return. They also are more likely to be intercepted by identity thieves, which might delay your tax return even longer as it gets sorted out. Electronic filing is free for federal returns when your adjusted gross income is less than $84,000.² If you have to pay to file electronically, the charge is often minimal and will help cut out the wait required when mailing.

Choose Direct Deposit

You may also want to avoid the delay of the mail on the return as well. If you request a check from the IRS for your tax refund, it will likely add a week or more to processing and then possibly a week or more of transit time in the mail. If your return check is lost in the mail, it may take another six to eight weeks to have it reissued. You are able to choose direct deposit when filing and can have it delivered to one or more accounts.¹

Track Your Refund

24 hours after the IRS has accepted your tax return, you will be able to track your refund status on the IRS website. The tracking will provide you with an idea of when you will receive your tax refund. While this may not shorten the processing, it will more quickly alert you to possible delays that will need to be addressed.

Important Disclosures

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

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Footnotes:

¹Tax filing season kicks off. Here’s how to get a faster refund, CNBC, https://www.cnbc.com/2022/01/24/tax-filing-season-kicks-off-today-heres-how-to-get-a-faster-refund.html

²IRS Direct File has been cancelled — here are 5 other ways to file your taxes for free, CNBC,
https://www.cnbc.com/select/how-to-file-your-taxes-for-free/?msockid=0e846394a59168e623fa77eea41d6932