When to File Taxes for a Faster Refund?

Answer 1

Many people file their taxes and happily find that they not only owe nothing to the government but that the government owes them money. They soon find themselves waiting impatiently for that money to get returned and often accuse the government of delaying on purpose. While it is easy to simply say that the government wants their money quickly but returns it slowly, this is simply not the case.

One of the biggest factors behind the timing of a refund is when the paperwork was turned in. As the April 15th deadline approaches, more and more tax returns are filed. The number of total tax returns to process is well into the millions. This means that the Internal Revenue Service must process each of these one at a time and randomly audit them for accuracy. So anyone wondering where their money is, the answer is that it is still being processed. So what can an individual do to get their refund more quickly? There are a couple of options.

The most popular option for getting a faster refund is the use of tax return loans. In this system a company pays an individual their expected tax return, for a fee, and redirects the refund to their company. This is a great way to get an instant refund but it will cost the taxpayer some of that refund. The IRS has also set up a system to allow for a direct deposit to be made into an account which reduces wait time by not forcing them to cut a physical check. However, the most effective method is to simply send in the tax return early. An individual that sends their tax return in as soon as it is legally allowed on January 1 will be among the first returns to be processed.

Nobody should fear that their tax refund will not arrive. It may take it a while to show up but as long as taxes were filed correctly it will be issued. Everyone that is owed money should send in their returns as early in the year as possible to insure the government processes their payment early in the process.