Tax season is already here, and the Internal Revenue Service (IRS) is handing out refunds to millions and millions of Americans all over the country. Since January 31, they have sent approximately 3.2 million returns, and the average amount you could receive is around $1,928.
And this is just the beginning, since there is a good group of people left to file their returns before April 15, so that number could rise. If you’re anxious to know when your money will arrive, the good news is: the IRS usually takes less than 21 days to send most refunds, and that’s a good time you can wait, it’s not an eternity.
You can stay up to date using the “Where’s my refund?” tool on their website or by downloading the IRS2Go app, where you will find all the necessary information.
Speeding up your IRS tax refund: tricks and tips
To get your refund fast, there are a few tricks that really work: File your return electronically and choose direct deposit. Danny Werfel, a former IRS commissioner, says this is the fastest way to get the money into your account.
Keep in mind that if you claim certain tax credits, such as the Earned Income Credit or the Child Tax Credit, the IRS won’t be able to release that money until mid-February. But don’t worry, if everything is in order, you should receive it before March 3rd.
By the way, to give you an idea, the average refund for the previous season (2024) was $3,138, a little less than in 2023. So, if you paid more during the year, it’s time to get that money back! It’s time to file that statement and cross your fingers that it arrives soon.
Don’t forget that refunds aren’t the only thing the IRS offers. The agency also manages a large number of tax credits that can relieve your pocketbook. For example, there is the Earned Income Credit (EITC), which helps low- and moderate-income workers. If you qualify, this credit not only reduces what you owe, it can even give you an extra refund.
There is also the Child Tax Credit, which provides relief if you have children in your care. And we can’t forget the Dependent Care Credit, which helps if you spent money caring for your children or other dependents while you were working or looking for work.
Additionally, the IRS has credits for students, such as the American Opportunity Credit, which helps you with college expenses, or the Lifelong Learning Credit, ideal if you are taking courses to improve your skills. There are even credits for adoptions, clean energy at home or contributions to retirement savings plans.
In short, the IRS has something for almost everyone, as long as you know where to look. So, before filing your return, review all these credits; You might be surprised by the extra money you find. Remember that some credits, such as the EITC or the Child Credit, may delay your refund if you claim them, since the IRS has to wait until midnight in February to release those funds. But if all goes well, you should receive them before March. So get informed and take advantage of everything the IRS has to offer you. It’s your money.
