With the start of the calendar year, millions of Americans also start to get their bills and tax filings ready so they don’t find themselves rushing in the last few days before the deadline, especially if they’re looking to receive a tax refund.
Waiting for a tax refund can be a hassle, but fortunately there’s a few things that a taxpayer can do to speed up the process.
File Your Taxes As Early As Possible
Those who file their tax return as early as possible to the IRS, get their money sooner, while also lowering the odds of criminals being able to steal your refund. Waiting to file your tax return can give criminals the opportunity to file a fake tax return on your behalf, pocketing the refund, with you finding out many time after, up until when you try to file your tax return.
Don’t Issue A Paper Tax Return
The IRS recommends taxpayers to use their electronic system to file their taxes, because paper tax returns take between six to eight weeks to get processed, while the electronic filing only has to wait around three weeks to issue a refund.
The IRS has the Free File service and the Free File Fillable Forms service, and the difference between the two is the maximum income a taxpayer can have. In order to use the Free File service from the IRS, an individual must have an adjusted gross income below $72,000, giving them a brand-name tax-prep software that helps them prepare and file their return electronically. For those who earn over $72,000, the IRS has the Free File Fillable Forms service, which allows the taxpayer just enter his data en easily generate the filing electronically.
Choose Direct Deposit Over Paper Check
The easiest and quickest way for the IRS to issue a refund is through a direct deposit straight to your bank account, which is wired instantly, while paper checks through the mail can often get lost or suffer delivery issues. The direct deposit of your tax returns can even be sent to three accounts.
Track Your Refund Constantly
Tracking your refund won’t make it arrive any faster, but it allows you to have an estimate of the arrival date. You can start tracking your electronic filing 24 hours after you entered your return, but those who sent it through the mail have to wait four weeks for the IRS to receive their return, so they can now when the return has been approved and when has the refund been sent