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Money Back Guarantee: Getting The Fastest (Tax) Refund Possible

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By Mia Bolaris-Forget

With the holidays over and the bills quickly coming in, there may seem like there’s an urgency for some fast, extra cash. Well, with tax season just around the corner, you may get an opportunity to add a little additional padding to your pockets.

But we all know how the government can work, quick to bill you, not so quick to send you the money that rightfully belongs to you. Other than filing early, it seems like all you can do, is hurry up and wait. Not true say the experts, in fact, there are steps you can take to get your money back in as little as two weeks.

Head To The Terminal: The computer terminal that is. According to financial experts e-filing is probably the fastest route for your return. Yet experts suggest “how” you file can effect turnaround time and make the following recommendations:

· Mailing your return and choosing to receive a paper check: Expect to wait up to six weeks.

· Mail your return and request direct deposit: Allow about five weeks.

· E-file your return, opting for a paper check: Give it three weeks.

· E-file your return and sign up for direct deposit: Now you’re looking at about two weeks.

Basically, it’s a “no-brainer”. If fast cash is what you’re looking for than e-filing and choosing direct deposit is the route for you.

According to the experts the IRS “rewards” those who choose paperless transactions, trying to encourage this rapidly growing trend.

However, they do note that this route may not be for everyone, and caution against hurrying through your filing process and missing out on some deductions that may increase your refund. And, they add, that if in your haste you may a logistical error, such as penning in the wrong social security number, or wrong address, your return can take months to process.

Financial professionals assert that e-filing is most feasible for those with relatively simple, straightforward returns including: wage earners taking the standard deduction. More complex returns however may require more time, attention, and scrutiny and often require consulting a professional.

For those who’ve decided to take the plunge, experts make the following recommendations.

· Start by collecting and organizing all your paperwork. Note that employers are required to furnish you will your W-2s by January 31. The same deadline applies to your 1099 forms outlining investment activity and interest income. In the meantime, you can start gathering medical receipts, home improvement receipts, social security numbers and number of dependents. Keep in mind, that unless you’re extremely organized some of these papers may require some time to find. Give yourself a good head start and remember, more prepared YOU are the quicker and easier the process

Long Island Money & Careers Articles > Money Back Guarantee: Getting The Fastest (Tax) Refund Possible

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