Posted on

7 Filing Tips to Get Your Tax Refund ASAP

Waiting for your tax refund can really test your patience.

Unfortunately, we can’t speed up the actual processing time of your tax return once the IRS gets hold of it. However, there are actions we can take to ensure a smoother journey through the IRS database. Let’s take a look at seven steps you can take when filing your tax return this year.

E-File your tax return.

Oh, how far technology has come. You can e-file your tax return worry-free until the April deadline. After that date, you can still e-file until the October deadline. However, if you can’t get it filed before mid-April and you’re not sure if you’re getting a refund, you’ll want to file an extension. Either way, the IRS processing time is quickest with e-filing. Compared to mailing in your return, you could be speeding up your refund by almost a month!

Choose direct deposit to receive your refund.

Many businesses offer a direct deposit option to their employees, so it only makes sense that the IRS would offer the same. After all, it’s your money. This is preferred by many taxpayers, based on convenience. On top of that, waiting on direct deposit will eat up less of your time than waiting on a check in the mail.

Make sure you’re the only one claiming your dependent(s).

This can be easier said than done in some cases. However, if you know someone who could also claim your dependent on their tax return, do your best to verify that they won’t be. Why? A person can only be claimed once per year. If a dependent is claimed by more than one person, then the second tax return to claim them will be rejected by the IRS. If the second person to claim the same dependent appeals to the IRS, the IRS may pull the first return for review, to make sure that taxpayer was allowed to claim the dependent. In either case, this will ultimately delay your tax refund. Continue reading “7 Filing Tips to Get Your Tax Refund ASAP”

Posted on

Last Day to Claim a 2011 Tax Refund is April 15th!

Hurry – Wednesday, April 15th is the last day to claim a 2011 Tax Refund! 

April 15, 2015 is not only Tax Day for current year tax returns, it’s also the very last day to file a 2011 tax return and still claim a 2011 refund.

That’s because the IRS Statute of Limitations only allows filers three years from the April 15 deadline to claim a tax refund. So, it won’t matter whether you took a tax extension back in 2012.

So where does the unclaimed money go after the three years? You guessed it- the IRS keeps it!

Don’t hand over your hard earned money. File your 2011 tax return today and claim your refund! Continue reading “Last Day to Claim a 2011 Tax Refund is April 15th!”

Posted on

Earned Income Tax Credit Tips for Married Filers

First comes love, then comes marriage, then comes a baby… and the Earned Income Tax Credit?

Here’s one for the next round of Jeopardy: the Earned Income Tax Credit or EITC was designed to offset the burden of Social Security taxes paid by low to middle income working families.

And here’s one you can take to bank: if you find yourself struggling to provide for your family you may qualify for the EITC and increase your refund at tax time .

Whether you qualify, not to mention the amount of the credit you’ll receive, depends on your income and how many qualifying children you’re supporting.

Eligibility is based on your income and your filing status

First, in order to qualify, you must file your tax return as married filing jointly. Your filing status can not be filing separately.

Second, your income earned (that is, the wages you received from your job or the net profits you made from self employment), can not exceed a certain threshold.

If you’re married filing jointly, your 2014 adjusted gross income, must be less than: