How Soon Will I Get My Tax Refund?

How Soon Will I Get My Tax Refund?

Did you know that the average taxpayer receives $3,536 in tax refunds each year? For many people, this is the single largest check that they will receive in a year. This is why so many taxpayers are interested in knowing when they will receive a tax refund. Filing your taxes and knowing how much you will be getting back is always a challenge this time of year. The executives at MBA Financial & Accounting Solutions will be able to help you every step of the way. After reading this article, make sure to contact MBAFAS at 800-576-5746 for more details. If you are looking to get your hands on your tax refund, then here is what you need to know about what you will get paid. 

How Long Does it Take to Receive My Tax Refund? 

According to the IRS, it takes an average of about 21 days to process and send out a refund after they have received a tax return. Therefore, if you want to receive your tax refund faster, then you will want to send in your tax return as early as possible.

When Can I File My Tax Return? 

The earliest that you can file your tax return in 2022 is January 15 if you file electronically. While the exact date can change year to year, the IRS usually starts accepting tax returns in mid-January. Therefore, if you file as early as possible, then you can receive your tax return payment as early as the first week of February. 

Can I Receive a Tax Return Payment Even Faster? 

The best way that you can receive your tax return as soon as possible is to file electronically. This is because it is easier for the IRS to process your return. Bear in mind that you will not be able to get your refund faster than the 21 days processing time. 

What About an Advance on My Tax Payment? 

If you are in a rush to get your tax payment, then you may want to consider getting an advance on your tax return. Some companies will allow you to get your tax payment amount early. However, this money does not come from the IRS. Instead, the company will pay you and in return, they will receive your IRS tax return money. Bear in mind that the advance fee can be pretty steep. Some places can charge up to 10% of your return. However, if you want to save money, then consider getting an advance from a tax preparation firm such as H&R Block. At H&R Block, they charge as little as $69 depending on the complexity of the tax return. 

Make Sure You File Electronically

While you can still send in your tax return by mail, this is not encouraged. The IRS is facing a major staffing shortage and sending in your tax return by mail could delay your return by weeks. The good news is that they are a number of companies that allow you to file electronically. Additionally, the IRS has a free filing program where you can e-file your tax return without a fee if your adjusted gross income (AGI) is below $73,000

How to Prevent Delays in Your Tax Return 

One of the most frustrating experiences is getting a letter from the IRS telling you that your tax return check is being delayed. Therefore, you will want to make sure to avoid the following mistakes to avoid any delay in payment.

1). Make sure your tax return is complete

Do not send out a tax return without missing information. Make sure you complete all information, sign and date the return. 

2). Send the return to the right office

If you are mailing your tax return, then make sure that you are sending it to the right address. You can find a list of the IRS tax return mailing addresses here

3). Send in your tax return as early as possible

Many people wait until the last minute to file tax returns. In order to avoid backlogs, be sure to mail in your tax return as soon as possible. 

Getting Your Tax Return As Soon As Possible

We would all love to get out tax return check right away. If you want to get your check without the usual delays, then be sure to file early, file electronically, and make sure that your tax return information is complete. If you need any further assistance, then be sure to consult one of our tax executives at MBA Financial & Accounting Solutions. We are here to help prepare your taxes for you and maximize your refund. Call 800-576-5746 for more information!