For the typical U.S. tax payer, the Internal Revenue Service (IRS) is in many ways reminiscent of the age-old politician who is ever early to collect their vote but always late to deliver on promises.
Although this is a subjective outlook, many U.S. tax payers dislike the IRS’s shrewd fashion of collecting debt and crawl at the very thought of how long the IRS delays its tax refunds.
In his first-quarter letter to investors of Greenlight Capital, David Einhorn lashed out at regulators. He claimed that the market is "fractured and possibly in the process of breaking completely." Q1 2021 hedge fund letters, conferences and more Einhorn claimed that many market participants and policymakers have effectively succeeded in "defunding the regulators." He pointed Read More
Are you tired of the time you spend waiting for your refund check? If you are waiting for your next refund, this article can provide some simple yet commonly overlooked ways of significantly reducing your wait time.
Forget double checking, ‘triple check’
It is always prudent to take a second look at the information that you have filled on your tax forms before submitting. For most people, a second look typically means skimming through the information in a hurried manner. Do not do this. Instead, double check the information word by word for any mistakes. When you are through, do a last check and ensure that everything is accurate.
Errors in your tax form will prevent the IRS from issuing your refund. The IRS argues that most of the errors that people make while preparing their tax documents are the easily to overlook. A good example is your social security number. Make sure you get it right.
Filing methods really matter
Many errors and omissions usually result from poor filing methods. What’s even worse is the fact that such errors are usually hard to trace and can in some cases, compel you to wait for a very long time before you get your refund check.
Embrace contemporary technology and make use of the numerous online filing programs available. However, to be entirely safe, opt for a tax professional and make sure you disclose all the relevant information.
Direct deposit is the way to go, forget the iconic paper check
While many people love to relish the sight of a paper check, it would be wiser to opt for a direct deposit. This way, your tax refund will not only get to you faster, but you will also avert the possibility of many unforeseen complications.
To make sure that the IRS proceeds swiftly with the deposit. Make sure that all your bank details are correct. From your swift code to your account credentials, make sure that you ‘triple check’ to ensure that every digit and letter is where it is supposed to be.
Make it a continuous process
Don’t wait for the deadline- it reaches faster than you can imagine. Instead start filing and collecting all important tax information at the beginning of the year. Better yet, make it a continuous process. This way, you will not be compelled to rummage through a year’s pile of papers to get information. In addition, the possibility of missing out important information that could lead to errors and consequent delays will be greatly reduced.