As tax season gets underway, many filers wonder what steps they can take to receive their tax refunds faster. After all, the sooner you have that money, the sooner you can use it for your own purposes.
Thanks to the digital age, and efforts by the IRS to stay on top of technology, it is possible for you to get your tax refund fairly quickly. In fact, it’s possible to receive your tax refund in as little as seven days if you use the most efficient means of filing your tax return.
e-File: Send Your Return Faster
The fastest way to file your return is to use the Internet for e-File. Most tax preparers can help you file your tax return electronically. On top of that, if you visit the e-File web site offered by the IRS, you can find a list of companies and tax prep software that provide the service for free to filers that meet certain eligibility requirements. Most tax preparation software programs also help you e-File your tax return fairly simply.
When you send your tax return using e-File, it gets to the IRS much quicker than if you send it through the mail. This means that your return can be processed quickly, and your refund can be issued within days, rather than the whole process taking weeks – and you don’t have to worry about your tax return being lost in the mail.
Receive Your Funds via Direct Deposit
If you have a checking or savings account, it is possible for you to receive your tax refund via direct deposit. The IRS puts your money right into your account rather than issuing you a check. You don’t have to wait for a check to be cut, and then mailed to your through the postal system. Instead, the money comes right to your account, clearing in a day or two.
Last year, the IRS also started issuing prepaid debit cards for refunds. These prepaid debit cards work like regular debit cards, and you can swipe them anywhere credit cards are accepted. It is also possible for you to load them yourself, with your own money, on top of what the IRS offers. If you kept your prepaid card, you can have the IRS load it back up with this year’s tax refund. This is another way that you can increase the speed at which you receive your refund, since the IRS won’t have to mess with a paper check.
You can use e-File to speed up the filing process, and receive your tax refund sooner. It is also possible to get your money faster if you provide your bank account and routing information to the IRS for direct deposit. However, if you want to receive your tax refund as quickly as possible, you should combine these methods. Use e-File for your taxes, and request a direct deposit of your refund, and you could see the money in your account in as little as seven days.