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How to Get Your Tax Refund Fast in 2024

Audio version available here:

Length: approx. 1 min. 20 sec.


The IRS had a backlog of “about 17 million paper-filed 1040[s]” at the end of the 2021 tax season. It took until the end of 2023 to work through them all, and processing of some tax returns today still takes an excruciatingly long time. However, there are ways to speed up the process of getting your tax refund from your 2023 tax return.


Primarily, filing electronically and “opting for a direct deposit” is the best way for a person to receive their tax refund faster. According to the IRS, those who file electronically and opt for direct deposit are able to receive their refund “in less than 21 days''. To opt for a direct deposit, provide your bank account and routing numbers when filing your return.


A direct deposit is also more secure than a paper check, as your refund will be protected from being “uncashed, getting lost, stolen, or destroyed”.


But be sure to double check your tax return before submitting it to the IRS. Common errors, such as incorrect math and the wrong Social Security Number, will delay your return’s processing.


Lastly, ensure the numbers reported on your tax return match any W-2s and 1099s that both you and the IRS receive. If you have mismatching numbers, your return may be “put aside for review”.


Getting your tax refund faster is important, but ensuring your tax return is filed correctly takes precedent. If you want to make sure your business and personal taxes are filed accurately, on-time, and with maximum deductions, reach out to the team at XQ CPA. Our tax experts would love to assist you. 


Phone: 832-295-3353


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Sources:


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