Americans could speed up the timeline of receiving tax refunds this year if filers follow two important steps.
Why It Matters
Taxes can begin to be filed on January 27, but tax refunds could hit filers' accounts at different times depending on choices made when filing.
What Tax Year Are We Filing for in 2025?
In 2025, the tax season applies for income earned in 2024. That means every taxpayer who files between January 27 and April 15 should fill out forms based on the money they made in the prior year.
When Is the Earliest I Can File My Taxes?
The tax season doesn't officially start until January 27. At that point filers can start filing in order to get refunds as early as possible.
Taxpayers should keep in mind that they might have to wait for employers to send the applicable W2 form to fill out the information required on a tax return.
Where Is My Refund From the IRS?
The Internal Revenue Service tends to accept tax returns within 48 to 72 hours. At that point, Americans will likely wait between two and three weeks for refunds to show up.
To track the status of an individual refund, filers can use the IRS's "Where's My Refund" tool on IRS.gov or the IRS2Go mobile app.
The refund status will be available within 24 hours after an e-filed return is received.
Tips for Filing
There are several ways to expedite a tax return hitting a bank account.
For one, filers should e-file taxes as this speeds up the process by taking information straight into the IRS system rather than relying on paper forms.
Additionally, taxpayers should sign up for direct deposit, which leads to refunds arriving sooner. Filers can also choose to split the refund into several accounts, according to the IRS.
How Long Does It Take for Tax Refund To Show In My Bank Account After It Was Approved?
Tax refunds should show up within 21 days of the IRS accepting a tax return. However, that process can be expedited if a filer opts for e-filing and direct deposit for their return.
The average tax refund in 2024 was roughly $3,050 for tax year 2023. That was a 5 percent jump from the prior year, according to the IRS.
What Is the Standard Deduction for the 2024 Year?
The standard deduction for tax year 2024 is $14,600 for single filers and $29,200 for those married filing jointly.
This refers to the set amount a person can subtract from their income to reduce how much of an income is taxed.
What People Are Saying
Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "Getting the biggest refund in the shortest amount of time is a two-step process. First, prepare ahead of time to file by gathering last year's returns and schedules and gathering all of this year's forms: W-2 for employment wages, 1099 for self-employed income, dividends and interest, 1098 for mortgage interest, 1095-A for health insurance, charitable donation receipts, and so on. Being organized makes the process of preparing a return go much faster. Second, always use e-filing and direct deposit. The IRS reports these combined methods have a turnaround time of about 21 days versus 6 to 8 weeks when done on paper and a mailed check."
Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "File early and virtually. For all the grief it receives, the IRS has become more efficient at issuing refunds since the e-file option has become the preferred method for millions of Americans. Direct deposit normally ensures a faster processing time of up to a week earlier. Also, using tax preparation software that verifies what you've entered and alerts you to any potential errors is pivotal in ensuring there's not a delay in your refund being processed."
What Is the Deadline to File?
While the tax season is just getting started, Americans only have a few months to get returns submitted on time.
The deadline is April 15 unless an IRS approved extension is attained.
How To Extend Tax Filing
There are several ways to extend the tax filing deadline to avoid facing legal or financial trouble with the IRS.
To request an automatic filing extension using IRS Free File, Form 4868 can be filed online. This is the Application for Automatic Extension of Time to File.
On that form, a filer needs to estimate the amount of taxes owed for the year.
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