We all want our tax return quickly. Instead of getting lost in the numbers, take these tips straight to the bank and ensure you get it mere weeks after you file.
Tax laws change every year, but fortunately, relatively not as much for 2016. However, the climbing health insurance penalty might be important to you. Always research the amendments, and there will be no surprises or contact from the IRS.
Depending on your lifestyle, income, and circumstances, there can be a lot to track down – W2s, 1099, records of other income. Receipts for deductions might be the biggest pain, so start parsing through those first; when you’re halfway through last June’s bank statements, you’ll realize you should really keep track of these all year. If you report your income incorrectly, or fail to report a particular income at all, expect not only a delay, but more than a finger wag as consequence.
A real live tax professional, Excel spreadsheets, a nifty software, or all of the above. Unless you’re Uncle Sam himself, you’ll probably need some help with filing. If your circumstances are complex, your income is high, or you just want to ensure you’re getting the biggest, quickest return possible, a tax professional is alway the right answer.
It sounds like a silly reminder, but you would be surprised to learn how many people write their social security numbers incorrectly, or leave crucial lines blank. Check, double check, then have another trusted pair of eyes look over everything. You wouldn’t want this overlook delay your return.
Want a return early? File early and electronically. Your employer is required to provide your W2 by January 31st and that’s also when forms open up. Once you receive it, hit the ball rolling. We can’t stress this enough – do your taxes online. It’s quick, safe, and accurate.
Request your green via direct deposit instead of planning on checking the mail hungrily every day. It’s fast and requires zero hassle. Double check your bank account information (don’t confuse those bank and routing numbers), and your dough will show up in no time.
You can receive your tax return as quickly as you can compile your documents and crunch the numbers correctly – but remember, quality over speed. A sloppy tax filing done on February 1st won’t get you a quicker tax return than a correct one filed on March 1st.
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