Tips To Receive Faster Tax Refund
Friday, January 27, 2012, 2:00 AM | Leave Comment
It’s that time of the year again when we all have to file tax returns. Some will owe the IRS but a majority of the taxpayers will get tax refunds. Gone are the days when folks used to receive tax refund only through snail mail via United States Postal Service. However, with newer technology implemented by almost all banks, there are other modern and faster ways to receive your refund money from the Internal Revenue Service. The fastest probably is the direct deposit along with e-file.
Want a faster refund? Try Direct Deposit
More and more taxpayers are choosing direct deposit as the way to get their federal tax refunds faster.
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The payment is more secure
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There is no check to get lost
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It’s more convenient
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No special trip to the bank to deposit a check
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Tax refund is a lot faster
To request direct deposit, follow the instructions for “Refund” on your tax return form.
Want an even faster refund? Try online filing
Try e-file.
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The Electronic Federal Tax Payment System (EFTPS) is one of the most successful Federal government programs undertaken in recent years.
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On the EFTPS website, complete the New Taxpayer Enrollment Form and click “Submit.” Within 15 calendar days your Personal Identification Number (PIN) will be mailed to your IRS Address of Record. You will also receive Confirmation materials including instructions on how to obtain your Internet Password for secure use of EFTPS online.
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Do it in the beginning of January, so you will have your PIN ready when you do e-file.
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Taxpayers who file electronically get their refunds in about half the time as those who file paper returns.
More information about Direct Deposit
IRS provides detailed information about Direct Deposit.
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For more information about direct deposit of your tax refund, check the instructions for your tax form.
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This and other helpful tips are available in IRS Publication 17, Your Federal Income Tax.
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Call toll free 1-800-TAX-FORM (1-800-829-3676) to order your free hard copy.
A word of caution about Direct Deposit
You have to be careful if you want your tax refund to be directly deposited in your account for the following reasons:
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Some financial institutions do not allow a joint refund to be deposited into an individual account.
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Check with your bank or other financial institution to make sure your direct deposit will be accepted.
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Make sure you have the correct nine digit routing number and your correct account number when selecting direct deposit.
In a Nutshell
Try using the Direct Deposit benefit offered by your bank. You will get tax refund a lot faster especially when you e-file.
