As tax season approaches in 2025, the Internal Revenue Service (IRS) gears up to open its doors for e-filed tax returns starting January 27th. TurboTax has also rolled out its virtual red carpet for eager tax-filers, offering the opportunity to file early and secure a prime spot in the refund queue. Let’s dive into what this means for taxpayers this season:
- File Early, Get Your Refund Sooner: To expedite your tax refund, the IRS recommends preparing and filing your taxes promptly with e-file and direct deposit. This method is anticipated to deliver most refunds within 21 days, with no hiccups along the way.
- Patience for Some Tax Credits: Under the Protecting Americans from Tax Hikes (PATH) Act, refunds containing the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) won’t be issued until mid-February at the earliest. But for those eligible for these credits who filed online with direct deposit, expect your refund by March 3, 2025.
- Fraud Prevention and Refund Assurance: The PATH Act aims to combat tax fraud while ensuring taxpayers receive what they’re rightfully owed. By delaying specific refunds, the IRS can verify claims and safeguard against any potential discrepancies.
- Get Answers: For personalized refund updates, the IRS’s "Where’s My Refund?" tool is at your disposal. It’s your go-to resource for real-time information regarding your tax refund’s status.
If you’re eager to see your money sooner, TurboTax offers a solution to expedite your refund by up to 5 days. By opting for this feature, you can get your refund ahead of schedule, either directly into your bank account or a Credit Karma Money™ checking account for no additional cost.
As tax laws like the PATH Act continue to affect refund processing, staying informed is key. Visit the TurboTax blog for more insights and updates on the latest tax regulations.
In a nutshell, as you gear up for the 2025 tax season, remember that early filing, e-filing, and thorough preparation can be your allies in securing a swift tax refund. Stay informed, follow the guidelines, and maximize your tax returns this year. Happy filing!
