Need Help With Your Tax Return? Experts Say File Fast
Tax experts say if you want to get your tax return fast, you are going to want to file as fast as possible.
Some people use and rely on their tax refund for certain items, such as rent or car payments, especially after the holiday shopping season. Tax experts say if you want to get your tax return fast, you are going to want to file as fast as possible.
But if you have any certain type of credit on your account you won't see that return until later this month, but they can give you a refund advance. "There is earned income credit, additional child tax credit, education credit and all of those credits are a delay with the IRS right now and won't be released until February 17th," says Dena Wiberg with H&R Block.
If you don't have any of those credits that would cause the IRS to withhold your tax return it usually takes about seven to ten business days to receive that return, especially if file your taxes electronically. There are ways to help receive a huge refund and that is to make sure all your paper work is ready, such as all your W-2's and student loan interest statements as well as any credit you may have such additional child tax credit. "If you own your home, have work expenses we can try and get that up their standard deduction," says Wiberg.
According to the IRS last year, nearly 112 million refunds were issued, with an average refund of $2,895. This year it will probably be the same, but next tax season some people will see an increase in their tax return thanks to the Tax Cuts and Job Act that was signed by President Donald Trump earlier this year. "The standard deduction increases and the exemption credit is going away, so for a single individual your standard deduction is higher than it would be this year," explains Wiberg.
The last day to file your taxes this year is Tuesday, April 17th. April 16 is a local holiday in Washington, D.C. -- Emancipation Day -- which is the day in 1862 when President Abraham Lincoln signed a declaration freeing 3,100 slaves living in Washington.
(CBS News contributed to this report.)