As tax return season takes full hold, your BBB wants to provide you help on getting your return as quickly as possible. Check out these five tips to help you get your return as soon as possible:
E-File your Return
As expected, more and more people are filing their taxes online. Filing your taxes online is the safest way to take care of your taxes as the information is encrypted and delivered to the IRS immediately. This saves time from spending hours on the phone.
What else does this mean? You guessed it, you can possibly get your returns faster from the IRS.
File Before the IRS Opens
You can file before the IRS begins reviewing tax files on January 29th. If you digitally file prior to the 29th, your review will be in the queue. This makes having your review done sooner a real possibility, getting your return that much faster.
Add Tax Forms as they Arrive
Not all of your tax paperwork may come in the mail or be received online at the same time. What’s the solution? Don’t wait until all forms are received to fill each out. Each form (W-2, 1099 etc.) can be filled out and entered online as they arrive. This method saves time and helps get your refund as soon as possible.
Use Direct Deposit
Just like your work paychecks, you can now easily have your tax refund directly deposited to your bank account. Don’t wait for a check to come in the mail. Simply add your routing and account numbers when you file your taxes to get the money much faster.
Notes on the EITC and ACTC
There are a few exceptions to the above rules. If you are someone who is subject to the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC), the IRS is required to hold these refunds until mid-February. This is to help prevent tax fraud and to ensure thorough checks are done to ensure the right taxpayers and credit is claimed.