If you are expecting a tax refund, you probably want to get the money as soon as possible. There are certain measures that can be taken to ensure that you get your tax refund quickly.
The first thing you should bear in mind is filing early. According to Tracie Miller-Nobles, a Certified Public Accountant (CPA) and member of the American Institute of CPAs (AICPA), “The earlier you file your tax returns, the quicker you get a tax refund.” It is always advised that you file your tax returns at the earliest possible period in order to enjoy the benefits of a quicker tax refund.
To guarantee a faster tax refund, always file your tax returns electronically. Frank X. Laborde, CPA and President of Laborde & Associates, PC in San Antonio, Texas is of the opinion that filing tax returns electronically guarantees a faster tax refund. There are several ways you can file electronically. People whose adjusted gross income is $66,000 or less annually can use the IRS free file software available online. In addition to this, there are several commercial online tax preparation services and software that can be used for a fee. The most popular commercial software programs are Intuit’s Turbo Tax and Jackson Hewitt.
According to the Internal Revenue Service, the fastest way to get your tax refund is to have it directly deposited. Tracie L. Miller-Nobles, CPA, said, “It gets the money into your account faster and you don’t have to worry about the post office losing the check.” Uncle Sam is so nice that he allows you to choose up to three accounts with three different financial institutions to receive your tax refund.
One other tip you must keep in mind is to ensure that all information contained in your tax forms is correct. Although this seems like simple logic, it is often responsible for delayed tax refunds. Take time to review little details like your name, Social Security number, bank routing number, etc. If you recently got married or divorced or had any reason to do a change of name, double check that your current name is updated during your filing. Be very careful if you are using tax preparation software. In the case of multiple users, the software will automatically default to the name of the last person that used it for tax submission. Make sure you review all lines before you submit your form.
Also take note that you can check the status of your tax refund by downloading the IRS2GO app at IRS.gov/refunds. You can also check the status of your refund by calling the IRS Refund Hotline at 800-829-1954. To check the status of your refund, you need to provide your Social Security number, filing status, and exact whole dollar amount of your refund shown on your return.
- Two Arrested in Los Angeles for Their Roles in Hospice Fraud Conspiracy - December 3, 2021
- Three Operators of Financial Services Firm Charged and Arrested in Alleged $155 Million Investment Fraud Scheme - September 17, 2021
- Better Path Financial– Scam, Complaint, Review, Or Praise? - August 25, 2021