Everything you need to know about Filing Taxes Early

As tax season approaches, you might come across ads or social media posts promising that paying a premium can get you a tax refund before anyone else. Don’t be fooled—there’s no shortcut to jump the queue. Tax season typically opens the last week of January, and no amount of extra fees will speed up the process. Even if you pay extra, you can’t file your return any earlier than the official opening.

That said, getting a head start on your tax preparation can be beneficial. You can certainly bring your tax documents to your preparer or use tax software to complete your return before the season officially kicks off. While you might finish your return in January, keep in mind that returns won’t be processed by the IRS until their systems go live, which is usually around mid to late January. Many tax preparers and software companies accept returns early but will hold onto them until the IRS begins processing.

If you want to receive your refund as quickly as possible, follow these tips:

1. E-File for Speed: Choose e-filing over paper filing. Electronic submissions are processed faster, and you’ll get your refund sooner.
2. Opt for Direct Deposit: Request direct deposit for your refund instead of a paper check. Direct deposit is quicker and more secure.
3. Double-Check Your Information: Ensure all numbers on your return are accurate, especially Social Security numbers for yourself, your spouse, and any dependents. Incorrect information can lead to delays or your return being flagged.
4. Update Your Contact Information: Provide a current address and bank account number. If you’ve moved, make sure the IRS has your new address to avoid delays in receiving your refund.

The IRS aims to issue more than 90% of refunds within 21 days. Once your return is filed and accepted, you can track its status using the IRS’s “Where’s My Refund?” app. This tool updates once every 24 hours, usually overnight, so you can check the status of your refund within 24 hours after e-filing or four weeks after mailing a paper return.

Starting your tax preparation early can help you avoid the last-minute rush, but remember, there’s no way to bypass the IRS’s timeline. Plan ahead, file accurately, and your refund will come as quickly as possible.