The IRS officially began processing 2013 tax returns this Friday, starting this year’s tax season. The IRS hopes that their e-filing process, along with their direct deposit system, will encourage users to process their return early, instead of waiting until April 15th. The IRS’ e-file is free for anyone who earned less than $58,000 in 2013. Using e-file and direct deposit, the IRS estimates that you could see your return in as early as 10 days, with the reminder that it usually takes up to 21 days. The IRS is even rolling out a “Where’s My Refund?” site, but advise that you only check once a day to avoid overwhelming the system.
On average, most users taking early advantage of the e-filing system are those expecting a large refund. Which makes sense – who wants to wait around to receive their money? For those expecting to owe, they tend to wait until closer to the deadline, as there’s no discount or tax break for filing early. (You can even file for an extension too, if you can’t pay by April 15th.) But for most of us – 75% of all taxpayers, to be precise – can expect to see some sort of refund this year (the average refund last year was over $2,500).
— Ryan Nell (@Irishkilt67) February 1, 2014
Of course, private companies like TurboTax and H&R Block encourage filers to use their free system, too – with TurboTax even offering extra incentives this year. With its Refund Bonus program, users can choose to use part of their refund to purchase an Amazon.com gift card, and TurboTax will add an extra 5 to 10 percent to the amount of the gift card. Of course, the choice of which program to use to e-file is up to you; just remember to double check all of your important documents and get that e-file in by the deadline to enjoy your maximum refund.
— IRS (@IRSnews) January 31, 2014
Image via IRS Official Facebook