How to Get Your Tax Refund Quicker

Get Your Money Fast to Pay for Emergencies and Bills

by Curtis White

When the time rolls around to do income tax returns, a lot of people are itching to get their hands on their refund. For some, it is a need and for others it is a desire. Either way, it is possible to get your tax refund faster than the usual three weeks – in most cases in as little as 24 hours. These easy-to-follow steps can be used every year, allowing anyone to get their return fast.

Step One: Set Up a Bank Account

In order for you to get your tax refund quickly, you will need to set up a checking or savings account if you don’t already have one. This will allow you to receive a direct deposit for your funds, which is always much faster than waiting around for a check.

Step Two: Getting Your Tax Return Ready

The first step is to get everything in order. You will need to obtain your 1099 or W-2 form in order to begin. As of late, you are now able to use your last paystub to file your income tax return. Your paystub shows you how much money you have earned to date and how much money has been taken out of your checks year-to-date for taxes, insurance and social security or other retirement plans.

Step Three: Options for Fast Money

Before you begin, there are three options you need to choose from for receiving your tax return quickly:

1. You can opt to receive direct deposit directly from the IRS.

2.  You can choose to get a rapid refund loan.

3. You can get a cash advance.

With the first option, you will check the box on your tax return that says that you would like to receive your refund as a direct deposit. In this case, you will need to fill out your bank account information. With direct deposit, you will be able to receive your refund within 10 business days in most cases, but it could take longer.

If you decide to go with a rapid refund loan, you can just about guarantee that you will receive your tax refund in as little as 24-48 hours, but no later than a week. You will need to prepare your taxes with a company that offers rapid refund loans. Here’s how it works:

1. You will file your tax return with the company.

2. They will process the return to determine how much your refund will be

3. You will receive a check or direct deposit from the company within 1-7 days.

4. When your actual check comes in from the IRS, it will go to the company. It is important to note that the tax preparer will charge a fee for the loan.

The cash advance is a loan as well, and allows you to pay it back at a later date (usually withdrawn from checking account, so opt to have your refund sent there).

Step Four: Filing Your Tax Return

You can take your last paystub or W-2 form to your local CPA or tax preparation company to begin the tax return process. You can also opt to save your money and file your tax return yourself. You can either e-file (electronic filing) through IRS.gov or a third-party tax preparation company that allows e-filing – both are much quicker than filing by paper. Depending on the option you chose from, step three will determine who you will file with: the IRS or a third-party tax preparer that offers rapid refunds. Make sure to enter everything accurately on your tax return to minimize any problems that could end up delaying your tax refund.

Once you have followed these steps, you will be able to do it again and again each year, allowing you to get your tax refund back as fast as possible.