Eager for your tax money rebate? Make sure you get it without delay
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If you are expecting a refund on your federal taxes, ou probably want your money as soon as possible. Why even leave your money with uncle Sam for free? The IRS offers some options for filing your return that can have your refund in bank account as soon as two weeks. Last year, 73 million taxpayers used e-file to speed their tax return processing, almost seven percent more than the year before. This year, the IRS expects a record number of individual returns will be filed electronically.
This MSN Money article says that 62% of Americans pay a professional to do their taxes. Many people event don’t required costly professional help for they tax work if you have just W2s and some interest/miscellaneous income 1099 statements. Using e-file makes sense for all taxpayers who have simply returns with standard deductions or decide to go for itemized deduction. Lots of websites are available for both types of returns, federal and state. And if your income is less than 56,000 that you have verity of options available for FREE filing. In fact, according to Jonathan @mymoneyblog, there are 20 different software companies available from the Free File Alliance at IRS.gov. If you do decide to use speedier option -e-file, for this year tax year, take some steps first to make sure you are filing your return properly.
First, be sure that you are actually getting a refund. Then you will need to get your paperwork in order, you’ll need your all W-2s and any other year-end statement. See comprehensive document checklist on IRS.gov website.
Once you’ve chosen to file using e-file, you can cut down your wait time for your refund by at least a week by choosing direct deposit of your refund. (see Tips from the IRS - Direct Deposit) You can even split your refund between one, two or three bank account. See form 8888. Its worth noting that not all e-file provide such refund splitting. Last year, about 53% of all refunds were directly deposited. The IRS offers the following time frames for receiving your tax refund:
- Mail your paper return and opt for paper check: receive your refund in 4 to 6 weeks
- Mail your paper return and opt for direct deposit: receive your refund in 3 to 4 weeks
- E-file and opt for a paper check: receive your refund in 3 weeks
- E-File and opt for direct deposit: receive your refund in 2 weeks
Don’t Miss:
- 2008 IRS e-file Refund Cycle Chart
- Tips on E-file in Hispanic
- What are the tax changes for this year?
- Where is my refund?
- IRS refund help page on IRS.Gov
- 5 of the Cheapest & Best Ways to E-File your Taxes
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