3 Steps to Take for a Quicker Tax Refund
- Author: Jenny Wolff
- Posted: 2024-05-25
The start of tax season means that most taxpayers have until April 18, 2023, to file their taxes. The tax season is dreaded by many. Finding a reputable tax expert and compiling all required papers can be challenging tasks.
Finding out that you might be getting a sizeable tax refund, though, can assist to lessen the agony. The passage of time seems to slow down when you are waiting for your tax return. Fortunately, there are steps you may take to hasten the arrival of your tax refund in your bank account.
1. Prepare Your Paper Work Beforehand
It will be easier to file your taxes if you have already gathered the required documentation. The following are some of the documents you will require:
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Form 1095-A (for health insurance purchased through the Marketplace)
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The Social Security or Tax ID numbers for both you and your spouse
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Information about childcare for all minor dependents
You must file taxes if you received any form of income. Even if you don't work a regular job, you must still disclose your income to the IRS.
2. Get a Tax Expert to File Your Taxes
Although submitting your taxes may appear straightforward, there could be a wait if any forms are incomplete or incorrect. Simple filing mistakes are among the most frequent causes of tax return delays, affecting thousands of people annually.
The most frequent errors people make when submitting their taxes include the following:
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Failing to account for taxable income
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Failing to respond "yes" or "no" to a question regarding obtaining virtual currency
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Inadvertently entering an incorrect bank account and routing number
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Inadvertently spelling names and addresses incorrectly
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Accidentally entering the wrong Tax ID number or Social Security number.
A lot of the time, these mistakes are made because people rush through the tax filing procedure. With the help of a tax filing professional, they will double-check to make sure that everything was completed and filled out correctly.
3. File Online and Choose Direct Deposit
It typically takes three weeks to get your tax return in your account if you file your taxes electronically and have your check direct deposited into your bank account.
Tax returns are processed as quickly as possible by agents, but the IRS is quite busy right now. They may not be able to process your refund for up to six months if you choose to file on paper.
The IRS has put up a page called Where’s My Refund where you may check the progress if it has been more than three weeks since you filed your taxes and you have still not gotten your return.
Obtaining a faster tax refund is possible if you employ the right strategies. Remember, it's essential to ensure accuracy and compliance with tax regulations throughout the entire process. Follow these three tips, and you'll be well on your way to a swift and hassle-free tax refund experience.
