(DailyDig.com) – Tax season is officially underway, and most filers have until April 18, 2023, to have their taxes filed. Many people dread tax season. Having to find a trusted tax pro as well as gathering all of the necessary paperwork can be a daunting task. However, finding out that you may be receiving a sizable tax return can help to ease some of the pain. When you are waiting for your tax return to come, it seems time starts moving very slowly. Luckily, there are things that you can do to help get your tax return in your bank account a little sooner.
1. Have All of Your Documents Ready
When it gets time to do your taxes, the process will run smoother if you have already gathered every necessary document. Some of the documents that you will need include the following:
- Form W-2: Employers have until January 31st to send you your W-2. If the deadline date falls on a weekend, they have until the next business day to send your form.
- Form 1099-K: If you are a business owner or gig worker that received payments through a credit card or other third-party entity, you will need to file a 1099-K form.
- Form 1099-MISC: You should file this form if you received other money that was not part of your job. For example, if you won a cash prize or were paid for a service or personal sale.
- Form 1099-INT: This form should be filed if you received income from an interest payment.
- Form 1095-A: Fill out this form if you bought health insurance through the Marketplace.
- You and your spouse’s social security or Tax ID number
- Childcare information for all minor dependents that require childcare
- Form 8332: This form is used if you want to allow a non custodial parent to claim you as a dependent on their taxes.
If you made any type of income, you will need to file taxes. Even if you do not have a traditional job, you will need to report your earnings to the IRS. Some of the different types of taxable income include unemployment compensation, retirement plan distributions, and annuities.
2. Have a Professional File Your Taxes
Filing your taxes may seem simple enough, but if there is any form missing or a form has not been filled out correctly, it could cause a delay. Simple filing errors are one of the most reasons why thousands of people have their tax returns delayed every year.
Some of the most common mistakes that people make when filing their taxes include:
- Forgetting to include taxable income
- Not checking the “yes” or “no” box when asked about receiving virtual currency
- Accidentally submitting an incorrect bank routing and account number
- Accidentally misspelling names and addresses
- Accidentally submitting an incorrect social security number or Tax ID number.
Many times, the mistakes that people make are due to the fact that they rush through the tax filing process. If you have a professional file for you, they will double-check to ensure that everything was submitted and filled out correctly.
3. File Digitally and Opt for Direct Deposit
Usually, if you file your taxes electronically and have your check direct deposited into your bank account, it will take about three weeks to see your tax return in your account. However, if you choose to file on paper, it could take up to six months before the IRS is able to process your refund.
This is a busy time of year for the IRS. Agents try to process everyone’s tax returns in a timely manner. If it has been more than three weeks since you filed your taxes and you still have not received your refund, you can check the status on the Where’s My Refund page that the IRS has set up.
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