What’s worse than waiting for tax time to roll around? Waiting an unreasonable amount of time to receive your refund check.
Unfortunately, many people are unprepared for the upcoming tax season, which usually leaves them wondering where their money is. Understanding what commonly causes delayed refunds and just a few easy steps can help ensure you get your return as fast as possible.
Get your refund fast by being proactive.
1. Late filing
It can’t be said enough—the sooner you file, the sooner you’re likely to receive your refund. Just think about all the people scrambling to submit their tax returns before the April deadline… the longer you wait, the farther down the pile you’ll be and the longer it’ll take to receive your refund.
2. Incomplete tax forms
Are you doing your taxes yourself? If so, it’s essential to check and recheck your documents to make sure you haven’t skipped anything. A missing signature or an empty section means that the IRS will need to send it back to you for resubmission—ultimately causing you to wait even longer to get your refund.
3. Misinformation and errors on tax forms
If you’ve done taxes before, then you know how complicated they can be. With numerous computations required, just a simple mistake or typo could hold up your return, forcing you to go through the whole process again. Make sure that you haven’t accidentally entered information on an incorrect line as your refund will be delayed until any mistakes get cleared up.
Be careful filing paper returns that have been entered by hand.
4. Filing paper returns
Some of the downsides of filing a paper return include the chance that your return gets lost before it even makes it to the IRS. It also takes more time to have an agent manually enter your information before processing, causing you a long wait. In fact, the IRS encourages taxpayers to submit their returns electronically as you’ll get your refund faster than if you filed on paper.
An added bonus of e-filing is that you won’t have to worry as much about entering information incorrectly or hoping that the IRS can read your handwriting.
5. Waiting for a paper check
If the IRS has to send you a paper check, you’ll be waiting longer than if you received your refund via direct deposit. Don’t have an account set up with direct deposit? No worries. Sign up for Green Dot’s 5% Cash Back Visa® Debit Card online, activate your card when it comes in the mail, and enroll in direct deposit. Fill out your tax forms using your direct deposit info to receive your tax refund to the card so you can use it to shop online or in-store everywhere Visa Debit is accepted in the U.S. To avoid any delays with your refund, make sure that your account information is entered correctly on all tax forms.
By going digital with your tax payments and refunds, you’ll get your money faster than a paper check and eliminate any possibility of having your refund check lost or stolen in the mail. Get ready for tax season with a Green Dot debit card. View Green Dot’s simple fees here.