The IRS is planning to open up the tax filing season in mid January 2016. Although the IRS does not anticipate refund delays, taxpayers are encouraged to e-file and use direct deposit as the fastest way to get their refunds. As it did last year, the IRS expects to issue nine out of ten tax refunds in 21 days or less. Knowing the IRS tax refund schedule dates can help you get jump on your tax refund. Here are 5 tips to speed up your refund.
1. Prepare and organize
Having your documents together will save you time and make the process faster. Take some time and get all your paperwork together, forms, receipts and checklists for your 2015 tax return. Be prepared for when your W-2 and 1099s come in by keeping an empty folder by your mail. When you get the documents file them right away.
2. Remember what you did in 2015
To help you get a bigger refund do not forget your expenses related to job search, day camp for kids, charity donations, medical expenses, just to name a few. Be sure to have the receipts at hand when you go online to prepare your taxes.
3. Take advantage of one more available tax deduction
By putting more money into your nest egg, for example an IRA can increase your tax refund. So even though it is already 2016 you can still contribute to your IRA. You have until the day you file your taxes to contribute.
4. Double check social security numbers
It is very important you make sure that you have the correct social security numbers for yourself, spouse, and dependents. Having an incorrect social security number can cause you to miss out on valuable tax deductions and credits.
5. Do not wait to file
You should not wait to file your taxes. 75% of taxpayers received a refund close to $3,000 last year. Anyone can get started today with TurboTax online. There is no faster way for taxpayers to get their tax refunds.”