IRS offers tips to expedite tax refunds

The IRS has shared tips to help taxpayers get their refunds faster this tax season. Most refunds are processed within 21 days after filing, but common mistakes can cause delays. With around 70 million tax returns filed this year, the average refund sits at $3,271, making it important for taxpayers to ensure their forms are accurate. To speed up the refund process, the IRS recommends several steps. First, gather all necessary tax documents, such as W-2s and 1099s. Having last year’s tax return can also be helpful. Taxpayers can access their IRS online account for key forms. Accuracy is crucial. Names, birth dates, and Social Security numbers must match IRS records. If a dependent or spouse doesn't have an SSN, an Individual Taxpayer Identification Number should be used. The IRS encourages electronic filing, as it reduces errors and speeds up the refund process. Paper filers should double-check their mailing address to avoid issues. Additionally, all sources of income must be reported to prevent penalties. Taxpayers must answer questions about digital assets on their forms and ensure their banking details are correct for direct deposit refunds. Joint filers need to sign and date their return, and those who file electronically will need the previous year's income for verification. Deadline for tax payments is April 15. Making payments before this date will aid in quicker processing of refunds. If more time is required to file, a six-month extension can be requested, but it does not extend the payment deadline. Tax returns should ideally be filed by April 15, though some areas with natural disasters may have extensions. Late payments incur a penalty of 5 percent per month, up to a maximum of 25 percent of unpaid taxes.