Tax season is finally here! With the filing date pushed back to Jan. 30 this year, refunds will arrive a little later and wallets will be running on empty a little longer. Speedy Cash keeps you updated with filing tips, a refund guide and what to do if you owe money to the IRS.
Tips for Filing
There are many ways to file taxes, the most convenient being e-filing or electronic filing. Check out Free File, the IRS’s software that helps you prep and e-file your taxes at no charge if your annual income is $57,000 or less. There are more no-cost options for any range of income such as Fillable Forms which are electronic versions of paper forms.
What’s the quickest way to receive your refund? The IRS is making no promises this year on when you’ll receive your refund, but does give a timeframe of less than 21 calendar days after they receive your tax return*. With that in mind, depositing your refund directly into your checking account is the fastest option to receive your refund.
Speedy Tip: You can check the status of your refund at http://www.irs.gov/Refunds with the “Where’s my refund?” tool.
*Information found at http://www.irs.gov/Refunds Last updated Jan 18, 2013.
Owing taxes can be scary, but don’t put off payment for long! One option to pay a large sum is to set up an installment agreement and pay over time. If you don’t start paying on your debt, the IRS can file a tax lien against your property, seize your bank accounts through a tax levy and charge you fines up to $135.
Don’t let taxes stress you out this year. Whether you’re struggling with filing, waiting for your refund, or have to pay taxes, there are free resources to help you get the most value out of the season.