Finance

Here’s how to get a faster tax refund in 2023

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How soon to expect a tax refund after filing the return

You’ll usually get your refund within 21 days if you filed an accurate, electronic direct deposit return, according to the IRS. Paper files and errors can extend the time frame. You can check the agency’s refund portal for status updates.

The timeline changes if you’re claiming the Earned Income Tax Credit — a tax break for low- to moderate-income workers — or the Additional Child Tax Credit. Although the IRS cannot begin issuing these refunds until mid-February, you should receive the funds by February 28 if there are no issues with the refund.

Start with a ‘full audit’ of your 2022 financial year

Shaneya Wilson, CPA and founder of Fola Financial in New York City, advised taxpayers to start the tax filing process with “a complete audit of your financial year.”

You’ll want to identify any sources of income, major expenses, and life changes, such as marriage, divorce, or a baby, that may affect your application. While your finances may change from year to year, your 2021 tax return can provide a rough guide to what to expect, she said.

It’s better to ‘get it right than get it out fast’

While you may be eager for your refund, the IRS says to wait until you have all the information you need. “Filing an accurate tax return can help taxpayers avoid delays or late notices from the IRS,” the agency said in a recent news release.

The IRS said this is “especially important” if you’re receiving a Form 1099 for unemployment income, capital gains or dividends, pensions, or retirement plan distributions.

It’s more important to get it right than to get it out quickly.

Marianela Collado

CEO of Tobias Financial Advisors

“It’s more important to get it right than to get away with it,” said certified financial planner Marianela Collado, CEO of Tobias Financial Advisors in Plantation, Florida. He is also a certified accountant.

Companies prepare returns, such as 1099s, every year, and a copy goes to the IRS and the taxpayer. If you skip any of these forms, the IRS system automatically flags your return and sends you a notice, which may take time to resolve.

Of course, you’ll want to double-check the details entered from the tax forms. “I always say haste makes waste,” Collado said.

Always double check your tax return

Tax errors are another common reason for processing delays, Wilson said.

Whether you file yourself or work with a professional, it’s critical that you review your tax return, including all of your personal information — such as your name, date of birth, Social Security number, address and direct deposit banking information — to carried out, surely everything is correct, she said.

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