Tax time is upon us once again. You may already be dreaming of how you are going to spend your income tax refund. If you are like many people, your refund may already have been spent. If you have not already started your filing preparations, here are a few income tax hints and tips to get you on your way and to get you your income tax refund faster.
Have you spent the last year shoving receipts in a shoe box, in drawers, or in your wallet? Now is the time to organize all of your tax documents and get them in one easy to find place. Pull out all of your medical receipts, your charitable donation receipts, and your tax forms (W-2’s and Form 1099). Gather up your interest income statements and your mortgage interest statements. Dig out a copy of last year’s tax return, the amounts you have paid for daycare, and your bank routing number if you think you will be entitled to a refund. If you feel overwhelmed by the number of documents you have, it might help you to put them in order by date or to put them in an Excel spreadsheet so you can easily organize them. While these tasks might seem mundane, having everything organized ahead of time will make your tax return preparation easier in the long run.
Even the simplest tax forms can cause an average taxpayer to have anxiety. If you are having trouble with a tax form and cannot seem to find the answer, check the Internal Revenue Service (IRS) website at irs.gov. You may also qualify for free assistance from the IRS. The Volunteer Income Tax Assistance Program (VITA) offers free tax help to low to moderate income taxpayers, as well as free basic income tax return preparation (e.g. Form 1040A, Form 1040EZ, and Form 1040), at locations in the community. VITA sights may also offer free electronic filing. To find a VITA location near you, call the IRS toll free at (800) TAX-1040 or (800) 829-1040.
The IRS also offers Tax Counseling for the Elderly (TCE), which provides free tax assistance to individuals age 60 years or older with low to moderate income. The American Association of Retired Persons (AARP) participates in the TCE program. To find a site near you, go to www.aarp.org/taxaide/home.htm or call the IRS toll free at (800) TAX-1040 or (800) 829-1040.
If you have a question and think it can be answered over the phone, you can get free telephone assistance from the IRS by calling 1-800-829-1040. The IRS may also have a local office where you can get help.
How to Get Your Income Tax Refund Faster: File Early and Take Advantage of Electronic Filing
Filing early will help you avoid the rush and get your tax refund back earlier. The IRS claims that your refund will be issued within six weeks from the received date. Electronically filing (e-file) your tax return can mean that you receive your refund in half the time compared to those filing a paper return. Your refund will be available even faster if you have it deposited directly into your bank account using your bank’s routing number and your account number.
If you are worried that your refund is taking too long, you can check on your refund online or call the Refund Hotline at (800) 829-1954. However, you should allow at least four weeks after you mail your return before calling.
How to Get Your Income Tax Refund Faster: Avoid Delays by Double Checking Your Return
Errors on your income tax forms can cause delays in processing your tax return. Double check your income tax form before you electronically file it. According to the IRS, the most common mistakes include incorrect or missing social security numbers, incorrect tax from the income tax tables, errors in computing the child and dependent care credit or the earned income credit, withholding and estimated tax payments on the wrong line, and math errors. Correcting these errors before filing your return will mean that you get your refund back in your hands faster.
Sources:
IRS.gov, “Topic 303 – Checklist of Common Errors When Preparing Your Tax Return.”
