Tax season is officially underway, and the Internal Revenue Service (IRS) is issuing refunds to millions of Americans across the country. Since January 31, they have sent nearly 3.2 million returns, with an average of $1,928.
And this is only the beginning, since there are still a large number of people who need to file their taxes by April 15. If you’re worried about when your money will arrive, there’s good news: the IRS normally sends most refunds in fewer than 21 days, which is a reasonable amount of time to wait.
You may stay up to date by using the “Where’s My Refund?” option on their website or downloading the IRS2Go app, which contains all of the relevant information.
Speeding up your IRS tax refund: tricks and tips
To get your refund quickly, there are a few ways that actually work: File your return electronically and select direct deposit. Danny Werfel, a former IRS commissioner, claims that this is the quickest way to get the money into your account.
Keep in mind that if you claim specific tax credits, like as the Earned Income Credit or the Child Tax Credit, the IRS will not be able to distribute the funds until mid-February. But don’t worry; assuming everything is in order, you should receive it by March 3rd.
To give you an idea, the average refund for the previous season (2024) was $3,138, which was slightly lower than in 2023. So, if you paid more this year, it’s time to get your money back! It is time to file that statement and cross your hopes that it will arrive shortly.
Don’t forget that the IRS gives more than just refunds. The office also oversees a vast variety of tax credits, which can help you save money. For example, there is the Earned Income Tax Credit (EITC), which benefits low- and moderate-income workers. If you qualify, this credit not only reduces your balance, but it may also provide you with an additional refund.
There is also the Child Tax Credit, which offers assistance if you have children under your care. And let’s not forget about the Dependent Care Credit, which helps if you spent money caring for your children or other dependents while working or looking for job.
The IRS also offers student credits, such as the American Opportunity Credit, which helps with college expenses, and the Lifelong Learning Credit, which is perfect if you are taking courses to improve your abilities. There are also credits for adoptions, using clean energy at home, and contributing to retirement savings schemes.
In sum, the IRS has something for practically everyone, provided you know where to search. So, before you file your tax return, go over all of these credits; you could be shocked at how much money you find.
Remember that claiming some credits, like as the EITC or the Child Credit, may cause your return to be delayed because the IRS must wait until midnight in February to distribute those payments. However, if all goes well, you should receive them by March. So, become aware and take advantage of everything the IRS has to give you. This is your money.
