Whether you plan to invest it or use it to pay for a family vacation, you likely want your tax refund as quickly as possible. The IRS is fairly efficient when it comes to distributing tax refunds, with most taxpayers receiving their money in a matter of weeks. Understanding the factors that influence how quickly tax returns are processed will help you get your money as soon as possible.

3 Factors That Influence Tax Return Processing Time

1. How You Filed

E-filing is a much more efficient process, and the IRS encourages everyone who can do so to file their taxes online. Some situations could cause delay, but in general, most taxpayers who e-file can expect their refunds within 21 days. If you send in paper returns, you’ll likely receive your refund approximately six to eight weeks from the day the IRS receives your return.

2. When You File

The IRS processes tax returns as they're received, so the earlier you file, the sooner you get your refund. For most taxpayers, it’s usually best to file your tax returns as soon as the IRS starts accepting them. Not only will you get your refund sooner, but you’ll also have more time to correct any errors before the deadline.

3. Whether You Claim Credits

To prevent people from collecting refunds on fraudulent returns, the IRS is required to wait before issuing refunds that include certain tax credits. If you’ve claimed the Earned Income Credit or the Child Tax Credit, the IRS won’t issue your refund before February 15^th, no matter when you filed.

Since 1999, Tudor Wilson & Associates CPAs, LLC has been one of Honolulu, HI’s most trusted tax and accounting firms. With a thorough understanding of the tax code, their highly trained professionals know how to maximize your tax refund and ensure you get it as quickly as possible. Visit their website for an overview of their services, or call (808) 592-2000 to make an appointment.