What Are Ways to Get Your Tax Return ASAP?
When you have money coming from the Internal Revenue Service, you want to get that money into your hands as quickly as possible. If you are due a refund on your taxes, it essentially means that you have been providing Uncle Sam with an interest-free loan all year long. The sooner you file your taxes, the sooner you can get that money back in your pocket.
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File Electronically
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Filing your taxes electronically is one of the best ways to get the refund you have coming in a matter of days instead of weeks. A number of major tax preparation software packages now offer free electronic filing, as do a number of civic organizations and nonprofit agencies. Check with your local bank, library or senior center about free and low-cost electronic tax filing services.
Use Direct Deposit
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When you file your tax return, using direct deposit can get your refund to you much faster than if you opt for a paper check. If you file your tax return electronically and use the direct deposit option, you can get your tax refund in as little as seven to 10 days, compared with as much as six weeks for a paper check. When using direct deposit, you need to double-check both the routing number and account number you enter, since a mistake in those two critical numbers could hold up your refund.
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Retail Bonuses
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Some retail operations, from car dealers to furniture stores, offer bonus cash based on the amount of your tax refund. With these deals you can often get bonus cash based on the amount of your anticipated refund. Typically, you provide a copy of your tax return, and the store helps you work out a special deal to purchase the furniture, car or home appliances you need based on the amount of your future tax refund. As with any major purchase, read the fine print on the contract and be aware of any fees and charges that might apply.
Refund Anticipation Loans
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Some tax preparation offices provide refund anticipation loans and refund anticipation checks to their clients. These loans are secured by the amount of your refund, meaning that you can walk in with your W-2 and other tax documents and walk out with a check. These products can be expensive, however, so read the fine print carefully and add up all the fees and charges you are paying. Compare the total cost of a refund anticipation loan to the cost of simply filing the return yourself and waiting for the refund to arrive.
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