The recently released Internal Revenue Service's (IRS) tax refund calendar for 2024 provides a useful guide for estimating when to expect your tax refunds. While the official process takes around 21 days, there are ways to potentially shorten this waiting period.
A new initiative, the Direct File pilot program, is set to roll out in phases, allowing eligible taxpayers in 12 states to calculate and submit their returns directly to the IRS without the need for commercial tax preparation software. This program aims to streamline the filing process and reduce the time it takes to receive refunds.
Isaac M. O'Bannon, Managing Editor at CPA Practice Advisor, suggests that filing online instead of on paper can expedite the processing time significantly. By leveraging digital platforms for filing, individuals may experience a two-week reduction in the expected time frame for receiving their tax refunds.
While online filing generally speeds up the process, individuals seeking the earned income tax credit (EITC) or child tax credit (CTC) should be aware of specific timelines. As per IRS regulations, refunds related to EITC and CTC will be deposited into taxpayers' bank accounts around February 27, adhering to legal requirements.
To optimize your chances of a quicker refund, consider embracing the Direct File pilot program where available and choose online filing options. These approaches align with the modernization efforts of the IRS to enhance efficiency in the tax refund process.
Remaining informed about these updates and planning your filing strategy accordingly can contribute to a more seamless and expedited tax refund experience. As tax season unfolds, taxpayers are encouraged to leverage these tips to navigate the process more efficiently and receive their refunds promptly.
Copyright © © 2022 Copyright. All Rights Reserved with Arth Parkash