How to Receive Your Tax Refund Faster

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The period from February 1 to April 15 of each year is tax time where individuals and businesses with income are required to file their income tax returns.  If you are a taxpayer who expects an income tax return, there is a way that you can have your income tax refund processed by the IRS (Internal Revenue Service) in about 10 days or less.

To receive your income tax refund faster, you can e-file (electronically file) your income tax return either by doing it yourself or hiring the services of a tax preparer.

If you are computer literate, have the complete and necessary income tax papers (such as W-2s, bank interest income, dividend income, mortgage interest payments, charity contributions and others) and have access to the IRS website, you can avail of the free e-file tax services provided by IRS-authorized providers without any cost.

After you have entered the required tax information on the secured tax preparation website and before you e-file your information, you have 2 options on how to receive your income tax refund: (1) by direct deposit into your bank account or (2) mailing the refund check to your address.

The direct deposit of the tax refund will be remitted by the IRS within 10 days or less to your checking or savings account.

The mailing of the tax refund check by the IRS to your mailing address will take about 14 days.  When you receive the check, you have to go to your bank to either deposit it or cash it.  If you are not a customer of a bank where you want the check cash, the bank will charge you a bank fee of about $5.00.

Tips
1.  Visit the IRS website (www.irs.gov) to learn how to e-file your income tax return to save on tax preparation fees.

2.  If you will not be able to e-file your income tax return, please consult a knowledgeable and reliable income tax preparer to avoid problems with the IRS.

3.  If you want to have an actual feel on how income tax e-filing works, you can use the previous year's income tax information to be entered in the current income tax information.  But do NOT submit or e-file the old tax return information; just leave the "test" information on the IRS-authorized preparer's server.  You can compare the "test" income tax return with the corresponding old income tax return.  However, some numbers will be different because a different tax data is used for the current tax computations.


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