A tax refund is probably on most taxpayers’ minds after filing their taxes and after a few weeks of waiting, a question of “Where is my tax refund?” come through. Getting a tax refund can be tedious. Here are some tips on checking your refund status and how to claim tax back.
Where Is My Tax Refund? Some Tips on How to Get It
1. Direct Deposit Through a Checking or Savings Account
The fastest way to receiving your tax refund is through a check, a savings account, or even your IRA account. This is the preferred method of most taxpayers and businesses, which is the reason why the IRS offers it as well. Besides, it is more convenient than waiting for your check in the mailbox. If you still do not have any of these accounts, maybe it is time to consider opening one now.
If you are residing outside of the U.S. territories, you need to open a U.S. account if you want to receive your tax return through direct deposit. The IRS is the tax collection agency of the U.S. federal government anyway so it just makes sense to do so.
2. Ensure Accuracy of Contact Details
Receiving your tax return on time also depends on the accuracy of the information you provide. Inaccurate contact details such as your mailing address are mostly the cause of delay in tax returns. Carefully review the details you input on form 1040 or 1040NR to ensure accuracy in receiving your tax return. If you intend to provide an alternate mailing address outside the U.S., you may do so using forms 1040NR or Form 1040NR-EZ.
3. Regularly Check “Where’s My Refund”
If you feel the need to know your tax refund status, the IRS suggests you check their online tax refund status checker. Where’s My Checker is the IRS’ facility for you to monitor your tax return. If the online status indicates your check was mailed and you haven’t received it within 45 days from the mailing date, you may immediately call the IRS Call Center. This way, you can keep track of your tax refund.
4. File Your Tax Refunds Online
The IRS recommends filing tax returns online, as it is the fastest way to get your refund. According to the IRS, you can check the status of your fund within 24 hours of filing. Filing traditionally through snail mail can take you up to 4 weeks before you can check your status. You can check your tax refund status through the IRS website or through the IRS2Go mobile app on Android and iOS. You can also reach out to tax professionals accredited by the IRS to help file tax returns online.
5. Diligently Check All ID Numbers
Though the IRS has your record on file, it would be best to check submitted documents from time to time. They have a record of your name, date of birth, amount of income, as well your social security number. It is important that all information presented is correct and accurate. Just one incorrect digit can mean rejection of your tax return application, further delaying your waiting period.
Some Tips on Increasing Your Tax Refund
1. Take Away Donations
Donations made to charitable institutions can be a great tax saver. Most donations are qualified as tax deductions, helping you lessen your tax bill. Donations to charities should be nonprofit to qualify as a tax break. Make sure to keep the receipts as proof of your donation.
2. Personal Expenses
Some jobs involve employees purchasing equipment with their own money. In case these purchases were not reimbursed by the company, you can use these as tax deductions. Using these as deductions on your income tax will help maximize your tax refund.
3. Family Obligations
Taking care of kids, as well as parents can come at a huge cost. Dependent care expenses are also eligible for tax deductions. Healthcare costs for dependents are qualified as well. It is better though to consult your tax professional to identify the expenses which have more impact on your tax deductions.
Here’s a helpful video sharing some more tips on how to file taxes online courtesy of BankBazaar.com:
Determining the status of your tax refund relies on whether you correctly filed your tax return or not. Some think filing tax returns are simple, but receiving it on time or getting rejected depends on the information you put in. Make sure you follow the correct process and check the accuracy of your information down to the smallest of details.
Have you filed your tax returns recently? Please tell us your thoughts and experiences by leaving your comments below.
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