How long does it usually take to get your tax refund once you’ve filed your income tax return? It depends on how you filed, when you filed, where the money will go and whether you’re doing it by yourself or not. Today with the availability of the internet and tax software, you have more options to facilitate the process.
How Do You File Your Tax Refund?
The traditional way of filing income tax returns is by paper and postal mail. If you use this option, the process may take about 6 weeks. But nowadays you can file for a refund online. This is known as electronic filing or e-filing. It can cut the processing time by half to about 2-3 weeks. Sometimes it can take as little as a week.
When Do You File for Your Tax Refund?
If you file around the time everyone else does – in the United States this would be April – you are setting yourself up for competition. At this time, tax offices are flooded with late and last minute submissions. The solution is to file for your refund early. With less paperwork around, the tax folks will get to yours sooner.
How Do You Want to Receive Your Tax Refund?
The best payment method to use is direct deposit to your bank account. It is faster and more convenient than payment by check, which can take a bit longer.
Do It Yourself or with Help?
You don’t have to spend money for help getting your own money back. But it sure can make it faster. Today you can buy affordable tax software to simplify the process. If you own a small business, it may also be smart to hire a qualified, accredited tax preparer or accountant.
So you have several options to accelerate your refunds: file online, file early, get direct deposit and use modern software or tax services.