Want Your Tax Refund Sooner? Do This

You could see a quicker payday.

These days, many consumers are buckling under the weight of inflation. While the rate of inflation has eased since peaking in mid-2022, a lot of people are still struggling to pay their mortgage loans, cover their utilities, and put food on the table. And if you're one of them, you may be desperate for a windfall.

But a pile of cash may indeed be coming your way. If you commonly get a sizable tax refund from the IRS, and your financial situation didn't change substantially in 2022 compared to previous years, then you may be in line for some money back this year. And the sooner you file your tax return, the sooner that cash could hit your bank account.

But filing a tax return early isn't the only move to make if you're looking to expedite your refund. There are two other important steps to take.

1. File electronically

When you mail in a paper tax return, someone at the IRS has to go through it. But the IRS is already starting off this year's tax season with a massive backlog of tax documents to sort through. So if you submit your taxes on paper, it might delay your refund.

A better bet is to file your taxes electronically. It typically takes the IRS 21 days or less to issue refunds for tax returns that come in electronically, whereas the normal turnaround time for refunds on paper returns is six weeks. That's a huge difference when you could really use a nice influx of cash.

Plus, let's not forget that when you send in a paper tax return, there's always the possibility of it getting lost in the mail. Filing your taxes electronically takes that potential hiccup out of the equation, giving you one fewer possible holdup to worry about.

2. File an error-free return

If your tax return contains mistakes, it might get rejected. Or, the IRS might attempt to reconcile those errors, but that could result in a refund delay.

That's why it's so important to submit a return that's free of errors. The IRS might manage to fix what's a clear math mistake, but anything more complicated than that could hold up your refund for weeks or longer.

Incidentally, submitting an electronic tax return could lower your chances of making a filing mistake. First of all, if you mess up your math, the software you use should be equipped to correct it, or at least flag your error. But also, these software programs are generally designed to catch big errors that could hold up a tax return. If you file on paper, you won't get that added protection.

At a time when so many consumers are reeling from higher-than-average living costs, it would probably help to not have to wait on your tax refund. The IRS is accepting tax returns as of Jan. 23, so if you have all of your paperwork ready, you can submit your return at the end of the month. But if your goal is to snag your refund in short order, you'll also need to make sure that your return is error-free, and that you've submitted it electronically rather than on paper.