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By Aliss Higham
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The Internal Revenue Service (IRS) has issued a slew of advice for taxpayers that will help them get their tax refund quickly.
Why It Matters
Tax refunds are issued every year to millions of taxpayers, and are made to those who have overpaid their taxes. Most tax refunds are issued within 21 days of filing and paying, but simple mistakes can delay you getting your money back.
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While the amount a person gets for their refund varies, it is often not just a bit of extra change in your pocket. Of the 70 million tax returns already filed this year, the average refund amount is $3,271.
What To Know
The IRS has issued a checklist for taxpayers this filing season:
Collect All Tax-Related Paperwork
Gather all necessary documents, including W-2s, 1099s, and records for deductions or credits like education expenses and mortgage interest. Keep the previous year's tax return handy. Taxpayers can also access their IRS Individual Online Account to view Forms W-2 and 1095-A.
Ensure Accuracy of Filing Details
Making simple mistakes can delay your refund: names, birth dates, and Social Security numbers (SSNs) for all dependents must match Social Security records. If a dependent or spouse lacks an SSN, use an Individual Taxpayer Identification Number (ITIN).
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Use Electronic Filing
The IRS recommends electronic filing via IRS Free File, Direct File, or Free File Fillable Forms, as this can minimize errors, identify tax credits, and speed up refunds. Paper filers should verify the correct mailing address on IRS.gov to avoid delays.
Report All Taxable Income
All income, including interest, unemployment benefits, gig work, and digital assets, must be reported to avoid penalties.
Answer the Digital Assets Question
All filers of Forms 1040, 1041, 1065, 1120, and others must check "Yes" or "No" regarding digital asset transactions.
Ensure Banking Details Are Correct
For direct deposit of refunds, verify the routing and account numbers. Some mobile apps and prepaid debit cards also support direct deposit.
Sign and Date the Return
Joint filers must both sign and date. Electronically filed returns require prior-year adjusted gross income for authentication.
Make Payments on Time
Tax payments are due April 15, and you can submit anytime before this, which will speed up your refund.
You can pay online via Direct Pay, EFTPS, or with a debit/credit card or digital wallet to avoid filing an extension separately.
Request an Extension if Needed
If you need more time to file your tax return, you can request a six-month extension until October 15 by:
- Paying online and selecting an extension payment option.
- Using IRS Free File.
- Filing Form 4868 by April 15.
An extension grants more time to file—but not to pay.
What Happens Next
Returns should be filed before the national deadline on April 15—although there are extensions in certain areas that have been impacted by recent natural disasters.
If you are late paying your taxes, the IRS levies 5 percent of the unpaid taxes for each month or part of a month that a tax return is late. The penalty cannot exceed 25 percent of your unpaid taxes.
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