Monday, 17 February 2014

Tax Refunds: How To Get Your Money Faster

Tax season is just around the corner, and if you are getting a refund, you most likely want to get your money as fast as possible. Employers have until the last day of January to mail your tax forms to you and unfortunately, many of them hold out until the last minute. However, if you make use of the following tips, you can get your money faster than you may have imagined.

Tax Refund

Gather Together Your Paperwork

After you receive your tax forms from your employer and/or other sources of income, take some time to gather together any paperwork and information you think you may need to file your taxes. Depending on your job, this can include such things as w-2s, 1098s, 1099s, receipts pertaining to work expenses and social security numbers for everyone you wish to claim as dependents.

File Online

First of all, the best, easiest and fastest way to file your tax return and receive your refund is by filing your taxes online. In this way, you can avoid long lines often encountered in tax offices by filing at your own convenience. There are many businesses that offer online tax filing including the following companies and organizations.
  • The IRS
  • H&R Block
  • TaxACT
  • Liberty Tax Service
  • Turbo Tax
  • Jackson Hewitt
Request an Anticipation Loan

If you are getting a refund, you can request an anticipation loan and in most cases, your refund will be approved within three to 10 days. Your wait will depend on several factors including the tax service you choose to file with, when you choose to file and the amount of your refund. Typically, when you file online, your eligibility for an anticipation loan is automatically reviewed. It is essential to note that there is a small fee for this service.

Request an Electronic Payment

In addition to requesting an anticipation loan, if you want your money as quickly as possible, request your refund to be electronically deposited into your checking or savings account. Not only is this the fastest way to get your money, but it is a secure way as well. Simply supply your checking or savings account information to the tax company of your choice after you have finished filing your taxes.

Today, many tax services also allow you to have your refund deposited onto a debit card. However, before you choose this route, you will want to make sure that it is an option offered by the company you file your taxes with. Choosing an electronic payment can help you get your money within just days whereas it can take several weeks for a paper check to be mailed to you.

While tax season can be a dreaded time for some people, it is an exciting time for individuals who are expecting refunds. If you are among those persons who are expecting a refund on your federal and/or state tax returns, you can get your money quickly by following the useful tips described above.
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Anastacio Mindiola writes about how homeowners can save money and reduce their tax bill. His advice on expediting tax refunds is very important for families with cash flow shortages. He works for Republic Property Tax in Houston, Texas.

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