February 07, 2023
Are you tired of waiting for your tax refund? Do you want to get your money back as soon as possible? You're not alone. Many people dread tax season because of the long wait times for refunds.
However, with a few simple steps, you can speed up your refund process and get your money in your hands much faster. In this article, we'll cover everything you need to know to speed up your tax refund, including tips on e-filing, direct deposit, tracking your refund, and using professional tax services.
1. E-File Your Tax Return
The most important step you can take to speed up your tax refund is to e-file your tax return. People who use e-file receive their refunds much faster than those who file a paper return.
The IRS typically processes e-filed returns within 21 days, while paper returns can take 6-8 weeks or longer. E-filing is also more secure than paper filing, as it reduces the risk of your return getting lost or stolen in the mail. And if you owe taxes, e-filing makes it easy to pay your taxes online with a credit card or bank transfer.
2. Choose Direct Deposit
Another way to speed up your tax refund is to choose direct deposit. This way, you can avoid the long wait for a paper check and the risk of your check getting lost or stolen.
Direct deposit is also more convenient, as you can receive your refund directly in your bank account, making it easier to manage your money. When you e-file your return, make sure you select the direct deposit option and enter your bank account information correctly to avoid any delays or errors.
3. File Your Tax Return Early
Filing your tax return as soon as possible is another way to speed up your refund process. The IRS begins accepting tax returns in late January or early February each year. By filing early, you can get your refund faster and avoid any last-minute stress.
If you file your return early and include the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC), you may have to wait until early March or later to receive your refund. However, if you participate in a tax advance loan from Sunset Finance, you can access your funds earlier.
4. Track Your Refund
You can track the status of your refund using the IRS website, Where's My Refund. This website is updated once every 24 hours and provides information on when your refund is expected to arrive. You'll need to enter your Social Security number, filing status, and refund amount to track your refund. If there's a problem with your tax return paperwork, you'll see an alert here as well.
If you file your return using a professional tax service they can also track your refund for you and provide updates on the status of your refund.
To avoid delays with your payment, it's a good idea to trust professionals to prepare your tax return. Professional tax services, like Sunset Finance, can help ensure that your tax return is accurate and error-free, which can reduce the risk of delays or audits. They can also help you find deductions and credits that you may have missed, which can increase your refund amount.
At Sunset Finance, we offer free no-obligation quotes on simple returns and provide 12 months of audit assistance. Our clients receive refunds that are, on average, larger than the national IRS average. We also offer tax advance loans of up to $6,000* within 24-48 hours of your tax return acceptance from the IRS.
Free Tax Prep Resources
We've created the Sunset Finance Guide to Tax Returns to provide more information and make taxes a little less overwhelming.
Learn what you need to know about filing this year's taxes in this blog. Including current tax brackets and filing dates.
Learn more about Tax advance loans from our resource called "What is a tax Advance Loan?".
*subject to our most liberal credit policies and IRS acceptance of your return.
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March 20, 2023
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