If you haven’t filed your taxes yet, you still have plenty of time. The deadline for submitting your tax return is April 15. You can use online tax software to quickly file your taxes so you can get your refund back quickly. Whatever you do, don’t rush through the steps as this can lead to mistakes on your tax return. Accidental errors made in haste can get your tax return rejected or your tax refund delayed, potentially for months.
Don’t let arithmetic mistakes bring you down.
Child tax credit, earned income tax credit, mortgage interest deduction, child care deduction — the worksheets and rules for many such tax items can be tricky to calculate on your own. A mistyped number or wrong calculation can result in an inaccurate tax refund, meaning you’re either losing possible money or will have to pay an overage back with fees and penalties.
Quality tax software will nearly eliminate these sorts of errors, collecting and calculating all of the numbers you need to file your taxes correctly. All the top tax products offer accuracy guarantees that will pay for any losses or penalties if their software makes calculation errors. You’ll still need to enter the correct information for tax software to work successfully, so be sure to double-check all your numbers before filing.
If you prefer to do your taxes yourself the old-fashioned way, the IRS’ Interactive Tax Assistant can help with a wide range of credit and deduction calculations.
File electronically with direct deposit and you’ll get your refund in about 21 days, according to the IRS. It won’t work if you enter the wrong bank account or routing numbers when you file your tax return. Once the IRS has accepted your return, it’s too late to change your banking info.
If the IRS cannot deposit your refund electronically into your bank account, it will send you a paper check at the mailing address listed on your tax return, which the IRS says will take six to eight weeks, although you can set up alerts with the Postal Service to know when it will arrive.
If you accidentally enter valid account and routing numbers that aren’t yours on your tax return, the IRS may deposit your tax refund money into someone else’s bank account. In that case, you’ll need to contact the bank and likely visit an office in person to prove your identity and explain the situation with documentation. After you get the bank to return the money, you’ll receive a paper check in the mail from the IRS.
Filing a paper tax return will slow down your tax refund considerably. Filing it without a signature will cause the IRS to reject your return and ask you to file again, making the process considerably slower.
If you’re married and filing jointly, both partners need to sign the tax return. There are exceptions for active military members overseas and others needing to use a third party with power of attorney.
File electronically, sign your return digitally and you’ll never have to worry about this mistake ever.
For more tax tips, learn about all the possible tax breaks for homeowners and all the benefits you get when you file taxes early.
