You want to get your tax refund soon after filing your tax returns. Here are 4 secrets you need to know to get your tax refund faster.
Come tax time, the IRS expects you to file your income tax returns. If you have a tax bill, you are expected to pay it, but if your withheld taxes and claimed credits are more than what you owe the IRS, you may end up paying zero taxes, and in some situations, you might get a tax refund. The process of getting a tax refund is easy, but it can take a long time to hit your account. To help you get your tax refund sooner, here are 4 secrets you need to know.
1# Prepare your taxes early enough
Before the IRS opens the coming tax season, prepare your taxes. The IRS is mostly likely will open the tax season come January 27, 2021, and by that time you should have all the necessary documents needed to file your taxes. Therefore, get W2 from employer, and have all other documents you need to prepare your taxes. When you get everything ready, when IRS opens the tax time, you just need to submit your tax returns. This means that you will be among the first taxpayers whose taxes returns will be processed early, and that will ensure your tax refunds are processed and sent faster.
2# Consider filing your taxes online
If you want your tax returns to reach IRS early, then you should go for the fastest process of filing taxes – online tax filing. When you file your taxes online, you will bypass a lot of paperwork, difficult calculations and more. The online tax filing process is simple, accurate and most importantly, faster. In simple steps you will get W2 free of charge, answer some questions, and the online tax filing software will do the rest. You can use TurboTax or H&R Block to file your taxes online, and you will get your tax refund sooner.
3# Consider tips from IRS
The IRS will share information on what you can do to get your taxes faster. One of the tips is that IRS advises tax payers to select direct deposit instead of check as a method of receiving your money. Checks can take longer time to get ready. Therefore, just check tips provided by the IRS., you will learn more secrets to help you get your tax refund sooner.
4# Know important IRS dates for the coming tax season
If you know important IRS dates for the coming tax season, expect everything to be very smooth. The IRS has specific deadlines for filing tax returns. The IRS is likely to open the upcoming tax period on 27th January ,2021 and close the period on April 15th,2021. Knowing this information will help you file tax return early enough, and that can increase your chances of getting your tax refund faster.
The time it takes to get the tax refund is affected by several factors, but the IRS says that it can take 21 or less days. However, with the above tips, you can easily get your tax refund faster from the IRS.