How to Get Your Tax Refund Quickly
Some Americans actually look forward to filing their income taxes because they know they will get a refund. No matter how large or small your tax refund may be, it still feels great to get money back. There are some steps you can take to get your tax refund back in a more timely manner.
Set up a Direct Deposit
Getting a direct deposit from the IRS will help you avoid waiting for a paper checks to be sent in the mail. The IRS can make a direct deposit to your bank account or to a prepaid debit card, depending on what you want to use. Both options will take one to two weeks to complete, compared to paper checks that can take up to six weeks.
If you are going to use a prepaid debit card to receive your refund, make sure that you do not have any fees for this kind of transaction. There are a handful of prepaid cards that charge you for a deposit. It is financially prudent to avoid this fee.
File Your Taxes Electronically
If you choose to e-file your taxes, chances are your refund will be processed faster than it would through a paper filing. There are automated systems that sort through electronically-filed taxes, a quicker and more efficient process than IRS agents going through paper applications. E-filing is more convenient for both you and for the government.
If you choose to use a program like Turbo Tax to file electronically, you will likely have to pay for part of the service. You can be lured in by the “free federal filing,” but you will have to pay to file your state taxes. The process is still faster than snail mail, but the extra expense may not be worth it.
File as Soon as You Can
This tip may seem obvious, but many people wait until mid-April to send in their tax return. If you already have your W-2’s and other documents from work, get your taxes done as soon as possible if you are getting a refund. The sooner you get them in, the sooner you will receive your check or direct deposit.
Double Check Your Taxes before Sending Them
If you turn in your taxes with an error, you will delay getting your refund. You do have the option to amend your tax returns, but this process can take quite a while. To amend your return, you have to fill out a form saying what has changed about your taxes and why you originally made a mistake. Review your forms thoroughly before you submit your return.
Loans and Other Alternatives
If you know how much money your tax return is going to be, you could take your information to a tax loan provider to get your money now. In most cases, this will be a business that specializes in payday loans. They give you money in exchange for information that reroutes your refund to their office. There will be a heavy fee involved with this kind of process, making it an unwise choice.