Waiting for your tax refund from the IRS can seem to take ages, especially when you’ve already planned on how to spend the refund. The tax refund period can take up to 21 days, but it can take even a month before you get your refund. Many factors will affect the speed of getting your refund. However, there are some tips you can use to get your money sooner than expected. Read on to learn these tips.
Prepare for tax filing season in advance
Generally, the IRS opens the tax filing season on around 27th January. Before the season is opened, you should gather all the forms and documents you need for the tax filing. You need W2 form, and you need to learn how to get w2 form a previous employer faster instead of waiting for the employer to send it via mail. This form is important as it shows your income and withheld income taxes. Also, gather other documents ranging from receipts to supportive documents to support your claims. When you’ve everything in order, in will be easier to file your taxes once the tax filing season opens.
File your tax returns ASAP!
After gathering and arranging all the documents and forms you need, you just need to file your tax returns as soon as the IRS declares the season opener. Remember there are millions of taxpayers filing their returns and it takes time to process them. When you file late, the IRS must process returns for those who filed before you and that means your refund will take a little longer to hit your account. If you file sooner, your file will be processed sooner and you will get your refund faster.
Filing your taxes early also lowers the chances of fraudsters using your personal information to claim your refund. When you delay, fraudsters can use your personal details and when you come to file, you will get an error message. It will take at least a month for the IRS to resolve that, and get your tax refund.
Avoid the paperwork, file electronically
If you want to get your tax refund faster, you should avoid paperwork tax returns. Paperwork returns takes almost 8 weeks to process. Also, paperwork filing is stressful and complicated if you are not conversant with tax files. Therefore, consider filing your tax returns electronically. You just need to learn how to get w2 from previous employer and other essential tax filing documents online, and you will be ready to go. It’s easy and fast, and you will get your tax refund within 21 days.
Choose direct deposit, avoid the check
To get your tax refund faster, you should sign up for direct deposit when filing your tax returns. Ensure you provide accurate bank account details, and your money will be deposited on your account sooner than you expected. If you choose the check method, it will take time for the checks to be signed and additional days for the check to arrive via the mail. Just sign up for a direct deposit and the money will be deposited direct into your bank account once your tax returns are processed.
After filing your taxes, the next big thing you expect is the IRS deposit your tax refund. If you’ve planned for a refund and you want it sooner, you should consider all the above tips. Prepare your tax returns in advance and submit them asap when the IRS opens the tax filing season. Remember to choose direct deposit, and you’ll get your money within 21 days.